Critical Illness Claim Statistics - 2011

OshayAway

It's that time of year again when Critical Illness insurance providers start to publish their yearly claim statistics.

The first I have come across is Aegon:

• 93% claims paid in 2011
• £28m paid in total
• £82,567 average payout
• Average age of claimant 46
• 5% increase in paid claims from 2010
• Of declined claims (7%) 81% due to definition not being met, 19% due to non-disclosure

I'll add more as they become available.

OshayAway

Scottish Provident have also published their 2011 figures for Critical Illness claims:

• 91% paid
• Average claim value £82,000
• Largest claim paid £945,000
• 2% claims declined due to non-disclosure
• 7% declined claims due to not meeting the definition
• 33 different types of cancer paid out on a third for breast cancer

Thorpe

I have a feeling most have released and the big 2 providers in the market (Aviva and L&G) are awaiting each others before they paid, from what i remember in 2010 Aviva was around 94-95% and L&G around 92-93%.

Good to see people aware that these companies DO pay out aslong as people are honest and up front with their conditions, you may pay more every month if you have something wrong with you but at least the money will get paid out to your family should something happen

Thorpe

LV

• 88% paid
• Total amount paid out £9.76m
• Average claim value £70,098
• 3% claims declined due to non-disclosure
• 9% declined claims due to not meeting the definition

OshayAway

Aviva have published their protection claim statistics for 2011 today:

• 94% CIC Claims paid
• Total paid out for CI in 2011 £114m
• 1% CI Claims declined due to non-disclosure
• 5% Declined due to not meeting the policy definition
• £681,897 paid out under child critical illness claims

Interestingly, an Aviva press release states "over the last 5 years the same top five conditions have accounted for more than 92% of Aviva's critical illness claims paid overall."

That being:

• Cancer
• Heart Attack
• Stroke
• Multiple Sclerosis
• Benign Brain Tumour

Thorpe

Something i seen recently showed the following

Cancer - 65%
Heart Attack 11%
Stroke 7%
MS 5%
Brain Tumor 4%

It shows how important this cover is, the average age of a claimant was around 44-46 years old