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LV= highlights improved claims performance

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Protection specialist LV= has published its 2007 protection claims record.

 

86% of claims were paid across its income protection and critical illness policies.

 

This is an increase over 2006, when around 86% of claims were paid for income protection and around 81% of claims were paid for critical illness protection.

 

Overall, more than £54.9m was paid out to policyholders in protection claims last year, which includes £5.8m in critical illness claims and £15.2m in income protection claims.

 

Chris McFarlane, Head of Protection at LV= comments: "We are pleased that we have seen an improvement in our claims record. We have put a lot of work into developing ways to help customers with policy applications and claims, so that valid claims are paid promptly, and that the risk of non-disclosure is significantly reduced."

 

Based on all of its claims it paid out last year:

 

The top three causes of income protection claims were:

  • mental disorders (30%)
  • musculoskeletal disorders (20%)
  • circulatory disorders (11%)

 

The average age of female income protection claimants was 44, while men were on average 47.

 

Cancer claims accounted for more than two-thirds (69%) of all critical illness claims.

For critical illness claims the average woman's age was 45 and 51 for men.

 

Income protection insurance: News update: May 2008

 

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