Ageas Protect paid out 89.3% of critical illness (CI) and children’s CI protection claims in 2013.
This is the first time the protection specialist has published its claims performance since it entered the market in 2008.
Over £11.6m was paid out for CI and children’s CI claims in 2013, with the average sum paid to critical illness customers totalling £92,547.
The average age of critical illness customers was 44 years old and cancer remains the most common cause of critical illness claims at 56%, followed by children’s CI causes 12%, and heart attack or related conditions 8.8%.
The top five causes for claim in 2013 were as follows:
- Breast cancer – 38.6%
- Skin cancer – 14.3%
- Colon cancer – 8.6%
- Cervix/ Uterus cancer – 5.7%
- Kidney cancer – 5.7%
In addition, cancer was also the top cause for children’s CI claims last year.
Steve Casey (pictured), head of marketing and propositions at Ageas Protect, said: “Announcing our 2013 paid critical illness claims performance is an important milestone for Ageas Protect, having launched just five years ago. What we’re publishing today underpins our commitment to both intermediaries and consumers by giving them information about Ageas Protect’s performance to enable them to make informed decisions.
“This is the first step for us in publishing our claims data. We look forward to continuing to work within the ABI’s reporting code and to develop our innovative protection products so that even more customers benefit from payouts in the future.”
Of the CI claims not paid in 2013, 4.3% were declined due to non-disclosure, and 6.4% were declined for conditions not being met.
