Zurich pays out 94% of CI claims

Published on

zurich

Zurich increased the percentage of critical illness claims paid out in the first half of the 2013 compared to the same period last year.

94% of customer claims were successful with payments paid to the value of £34.5 million. This compares to 90% for the same period in 2012 worth £32.7m.

Between January and June 2013, Zurich paid out to 409 customers compared to 411 for the same period in 2012. 5% of claims were declined because the definition of the applicant’s condition was not met – compared to 7.5% during H1 2012. 0.7% of claims were declined for non-disclosure of medical information compared to 1.5% last year.

The largest claim paid out over the period was for £1 million. The top 4 reasons for claims were cancer (60%), heart attack (11%), stroke (10%) and multiple sclerosis (6%).

Rhys Dudding, European chief claims officer at Zurich, said: “We are incredibly proud of these statistics which show even more valid claims have been paid out to our customers. Work across the industry, with advisers and our customers, to simplify claims and stress the importance of sharing as much information as possible when buying a policy, is paying off – with fewer claims being declined.

“The difference that these payments make to our customers’ lives often mean their being able to focus on their recovery while their finances are taken care of -instead of the burden of financial worries brought about through being seriously ill.

“The chance of developing a critical illness before the age of 65 is around one in five – so we cannot stress enough the importance of putting the right financial protection in place.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Bank of England expected to hold interest rates at 4.5% amid economic uncertainty

The Bank of England is widely expected to maintain interest rates at 4.5% when...

£6.5k bill for homebuyers who miss stamp duty deadline

Rent and mortgage spending rose 7.7% year-on-year in February, as more homeowners moved from...

Advice Guru partners with Pure Retirement to support broker education

Financial adviser learning platform Advice Guru has announced a new sponsorship partnership with Pure...

Nationwide ups LTV limits for interest-only and foreign national borrowers

Nationwide has announced changes to its mortgage lending criteria, increasing the maximum loan-to-value (LTV)...

Other news

Bank of England expected to hold interest rates at 4.5% amid economic uncertainty

The Bank of England is widely expected to maintain interest rates at 4.5% when...

£6.5k bill for homebuyers who miss stamp duty deadline

Rent and mortgage spending rose 7.7% year-on-year in February, as more homeowners moved from...

Advice Guru partners with Pure Retirement to support broker education

Financial adviser learning platform Advice Guru has announced a new sponsorship partnership with Pure...