Zurich’s critical illness figures for 2008 show a six per cent rise in the total number of claims paid out compared to 2007.
In-house data from Zurich shows that the number of critical illness claims paid has increased for the third consecutive year, with 746 claims paid in 2008, compared to 710 paid claims in 2007 and 702 claims paid in 2006.
In 2008, Zurich declined nine per cent of claims, with 0.4 per cent declined due to non-disclosure, whilst 8.6 per cent were declined due to the definition not being met, compared to an overall decline rate of 12 per cent in 2007.
Phil Brown of Zurich comments, “At Zurich we have a long tradition of paying valid claims quickly. That is what we are here to do. We understand how important it is for consumers to be able to turn to their insurer in their hour of need and have the peace of mind from knowing that their claim is being dealt with as efficiently as possible. We are proud of our claims philosophy and our proven track record. Whilst the cause of critical illness claims remains broadly similar, it is interesting to see that this year multiple sclerosis has replaced strokes as the third most common condition.
The amount paid out by Zurich in critical illness claims has increased, with £58.5 million paid out in claims in 2008 compared to £49.6 million in 2007.
Cancer remains the most common condition with 53 % of total critical illness claims paid in 2008, followed by heart attack whilst multiple sclerosis was the third most common condition.
Critical illness insurance: News update: 26/01/2009