Figures released today from the Association of British Insurers and Group Risk Development show that a huge £6.2 billion has been paid out in life insurance, income protection and critical illness during 2020. This is the equivalent of £17 million per day, up 8% from 2019. This is also the highest combined figure on record.
Included within these claims is a rise in mental health claims, a rise of 2% in 2020. The impact of the pandemic on mental health has been significant. Another point of interest is that critical illness claims were down during 2020, compared to 2019 – perhaps due to fewer illnesses going undiagnosed during a time in which the focus was on Covid-19. This period of time has also demonstrated just how crucial the role is for financial support services and insurance providers, not just for lump sum payouts but also for rehabilitation support for return to work following illness and enhanced online medical consultations as examples.
Check out the full article from the Association of British Insurers, which offers further statistics and some handy definitions of insurance products as they relate to life and health issues.
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