In 2014, Aviva paid out over £513 million to its 14,805 customers claiming in on their life insurance, income protection and critical illness cover. According to the claims stats, 99% of life insurance claims, 93.2% of income protection claims and 93.2% of critical illness claims were paid.
With regards to critical illness claims that no payment was made on, 1.2% related to misrepresentation during the policy start and 5.6% the conditions were not in the contract. Given the pay-out statistics, Aviva paid out £1.4 million worth of claims per day which is nearly £1000 per minute.
Within the life protection category, life insurance is most claimed of all the products with £340 million paid out to the beneficiaries over 11,198 claims. Comparatively, £161 million was paid out over 2,246 claims for critical illness cover and £21 million paid out over 1,361 income protection claims.
Protections director at Aviva, Louse Colley, commented: “No one ever wants to claim against this type of insurance policy”, but in times of need, “Almost 40,000 families have benefited from payments in the last 3 years, with total payments exceeding £1.5 billion”.
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