ProtectionSep 13 2016

Zurich pays out £103m in protection claims

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by
Zurich pays out £103m in protection claims

Zurich has paid out £103.6m in life, critical illness and income protection claims in the first half of 2016.

More than 89 per cent of claims for critical illness were successful with the average payout amounting to £83,336.

Meanwhile for income protection 87 per cent of new claims were successful while for life cover 98 per cent of claims were paid.

Peter Hamilton, head of retail partnerships at Zurich, said: “With ongoing improvements to our protection products, including major enhancements this year to make critical illness cover easier to understand and claim for - we hope that these statistics reassure people that the vast majority are paid, making a huge difference to customers at what will normally be a very difficult time.

“While successful claims continue to increase year on year, we will continue to reinforce for customers the importance of fully disclosing their medical history, to ensure the claims process will be smooth, quick and successful.”

Breast cancer was the most common reason for critical illness claims, accounting for one in five, followed by heart attack at 17 per cent, stroke at 8 per cent and bowel cancer at 7 per cent.

For income protection nearly a quarter were triggered by mental illness including anxiety, stress and depression, followed by 15 per cent for cancer, 13 per cent for musculoskeletal (excluding spinal) and 13 per cent for spinal disorders.

Last month Zurich Life reported an operating profit of £63m for the first half of the year, which was 15 per cent higher than the same period last year.