AIG Life paid out a record £394m in protection insurance claims in 2024.
The firm helped 6,900 customers and their families who were bereaved or ill.
The UK life insurance firm, which is now part of Aviva Group, provided support to more than 5,200 individuals, families and businesses in 2023 by paying 95% of all individual protection claims, as well as offering support through rehabilitation and care services.
The £206 million it paid in personal protection claims was up from £204m in 2022, and an 11% increase in the number of claims paid on the previous year. The insurer helped an extra 500 people and their loved ones after an individual had died, experienced a life-changing illness or when they were too ill to work.
AIG Life paid 99% of Individual life insurance claims, 95% of terminal illness claims, 95% of critical illness claims along with 88% of income protection claims.
It also paid almost £173,000 to more than 500 families through its Claims Support Fund. This discretionary fund pays up to £500 (increased from £300 in 2023) to cover the extra unexpected costs that families face when they suffer a bereavement or illness, like hospital parking and travel costs, tools to help their recovery, or even convert a downstairs bathroom into a wet room.
In group protection, £188 million was paid in claims to provide more than 1650 families with financial support after a loved one died, as well as a continued income and rehabilitation services when an employee was too ill to work.
Neil Davies, chief operating officer at AIG Life, said: “Every single claim paid is a family or business we’ve helped during one of life’s toughest times. The feedback we receive fromcustomers and their beneficiaries when they go through a bereavement or illness tells us that the claims we pay make a real difference.
“This industry really does care about being there for people when they need us most. It’s important we deliver at times like these and we do all we can to help consumers see the humanity of what we do, and the huge value protection offers.”
