Cirencester Friendly paid 94% of valid income protection claims totaling £2.7million in 2010. 28% of claims paid were for accidents or injuries.
There were 884 claims, of which 808 were paid.2.8% (25) could not continue for either being an already excluded medical condition, the claim ending during the deferred period or the claim occurring during the initial 30 day waiting period. From the remaining 859 eligible claims, 6% (51) were declined. Reasons for being declined included: proof of earnings could not be supplied; medical evidence could not be supplied; no loss of earnings; non-disclosure; contract was in arrears; claim was submitted too late.
Paul Hudson of Cirencester Friendly says, "We have been publishing our claims statistics for many years now and continue to be one of just a handful of insurers that do so in such a transparent fashion. All other insurers should follow suit to inspire consumer confidence in income protection insurance."
Income protection insurance news: 19 February 2011