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2007 critical illness statistics

Friends Provident

Friends Provident has released its critical illness claims data for 2007.  This is the first full year of data available, since the insurer changed its stance on reckless non-disclosure and started to pay a proportion of a critical illness claim where unrelated non-disclosure had happened.

 

Claims declined due to non-disclosure have reduced by a third.

 

For the first time claims declined for non-disclosure are lower than claims declined for policy conditions not being met.

 

Mark Jones, head of protection at Friends Provident says, "The improvement in the number of critical illness claims paid will help increase consumer confidence in protection products.”

 

In 2007 the company paid over £35.7 million in critical illness claims.

  • Cancer remains the most common cause for a claim

  • The average age of a claimant was 44

  • The average critical illness payout in 2007 was over £58,500

  • The largest claim paid in 2007 was £750,000

  

Breakdown of claims received in 2007

  • 86.5% of claims were paid (up from 81.3%)

  • 6.5% not paid due to non-disclosure (down from 9.9%)

  • 7% of claims were declined because the policy definition was not met (down from 8.8%)

 

 Breakdown of causes of claims:

  • Cancer 62%

  • Cardiovascular 12%

  • Multiple Sclerosis 5%

  • Stroke 6%

  • Benign Brain Tumour 1%

  • Children’s Critical Illness 2%

  • Other 12%

         

Cause of male claims;

  • Cancer 47%

  • Cardiovascular 22%

  • Stroke 7%

  • Benign Brain Tumour 1%

  • Multiple Sclerosis 3%

 

Cause of female claims;

  • Cancer 75%

  • Cardiovascular 2%

  • Stroke 5%

  • Benign Brain Tumour 1%

  • Multiple Sclerosis 6%

 

Critical illness insurance: News update: May 2008

 

Related links

  • Friends Provident - company profile