The Exeter has published its income protection (IP) claims statistics for 2018, showing that 93% of all claims received were paid during the year, totalling £7,011,000.
This is an increase of over £1 million from 2017, when 91% of claims received were paid by the healthcare and protection insurer.
Musculoskeletal problems, fractured/broken bones and back and spinal conditions were again key reasons for a policy holder to make a claim (37%).
2018 also saw a 3% rise in claims for mental health conditions, which included stress, anxiety, depression and bereavement reaction. Mental health related claims now total 10% of all IP claims made to the Exeter.
Top 5 reasons for making an IP claim in 2018:
- Accidents and injuries (22%)
- Musculoskeletal (15%)
- Fractures & broken bones (12%)
- Infections – including coughs, colds and flu (11%)
- Back & spinal disorders (10%)
- Mental health conditions (10%)
Total new claims assessed by the Exeter in 2018 increased 47% year on year. The main reasons for claims not being paid were misrepresentation or claimants not meeting the definition of incapacity.
Andy Chapman, CEO of The Exeter, said: “We are proud to have paid nearly 93% of claims received in 2018. It’s vital that, by having the right protection in place, people feel safe knowing that through unexpected
accidents, injuries or illnesses they won’t find themselves in financial difficulties.”