Last year, 99.3% of life claims and 94.1% of critical illness claims were paid out by Scottish Widows, according to the insurer’s latest claims statistics. This represents 7,908 and 1,591 claims respectively – an increase on paying out 7,469 life claims (98.99%) and 1,769 critical illness claims (93.06%) in 2017.
This is a total of 9,499 lives the insurer provided with financial reassurance during a difficult time. More than £208 million was paid out in total, at an average of over £4 million per week.
Scott Cadger, Head of Protection Underwriting and Claims Strategy at Scottish Widows said: “We are proud of not only the claims we’ve paid but the difference we make to the lives of our customers every day. Providing security to families at some of the most challenging times of their lives is the most important part of our jobs.
“These results are testament to our continued support of customers and the financial safety net we as insurers provide, helping families at such a difficult time in their lives. It may surprise people that the majority of claims are paid out and I hope these figures help to dispel the myth that insurers don’t pay out when customers need them most.”
Life claims: key statistics
- The total amount paid out in life claims was just under £136 million, with £10.9 million paid in terminal illness claims.
- 52% of all claims from women were as a result of death from cancer, compared with 44% of men.
- Heart-related claims accounted for 22% of cases for men, compared to 12% of cases for women.
- The average life claim paid was £43,221, and the highest individual claim was over £1.2 million.
Critical illness claims: key statistics
- The total amount paid out in critical illness claims was £72.5 million.
- Cancer was the main reason for women making a claim at 73% of all cases; this was followed by multiple sclerosis (6%), stroke and heart attack (5% each).
- Among men, 51% of claims made were for cancer, with the second most common cause being heart attacks at 20%.
- The average critical illness claim paid was £45,593, and the highest individual claim was just under £622,000.
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