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Aviva critical illness cover pays out nearly 95% of claims

Aviva

Aviva paid 1534 critical illness claims worth more than £136 million to customers during 2010. The average payment was more than £89,000, an increase of £10,000 compared to 2009. The insurer also paid out £272 million in life insurance to the families of people who died. The proportion of critical illness claims paid is the company’s highest to date and the largest monetary value.

 

  • 94.7% of all critical illness claims paid

  • Total payments for critical illness policies were more than £136 million

  • 99.6% of life claims paid

  • Total life payments were £272 million, compared to £151 million in 2009

  • 1534 critical illness claims paid

  • Critical illness claims declined for non-disclosure of medical facts at the policy's outset accounted for 1.6% of total claims, compared to 2% in 2009

  • Critical illness claims declined for conditions not met fell to 3.7%, down from 6% in 2009

  • Cancer remains the most common cause of critical illness claims at 68%, followed by heart attack (9%), stroke (7%) and multiple sclerosis (6%)

  • 75 child critical illness claims paid

  • Amount paid on child critical illness claims was £770,000

 

Over the last five years the same top six conditions have accounted for 94.3% of critical illness claims paid.  The same six conditions account for more than 90% of claims paid across the industry. The conditions are: cancer; heart attack; multiple sclerosis; stroke; benign brain tumour and heart valve replacement.
Critical illness insurance news: 14 April 2011