Zurich today releases its critical illness claim statistics for its life policy customers in the first half of 2013. Ninety four per cent of customer claims were successful with payments paid to the value of £34.5 million. This compares to 90 per cent for the same period in 2012 worth £32.7m.
Between January and June 2013, Zurich paid out to 409 customers compared to 411 for the same period in 2012. Just 5 per cent of claims were declined because the definition of the applicant’s condition was not met – compared to 7.5 per cent during H1 2012. Less than 1 per cent (0.7) of claims were declined for non-disclosure of medical information compared to 1.5 per cent last year.
The largest claim paid out over the period was for £1m. While the top 4 reasons for claims were cancer (60 per cent), heart attack (11 per cent), stroke (10 per cent) and multiple sclerosis (6 per cent).
Rhys Dudding, European Chief Claims Officer, Zurich said:
“We are incredibly proud of these statistics which show even more valid claims have been paid out to our customers. Work across the industry, with advisers and our customers, to simplify claims and stress the importance of sharing as much information as possible when buying a policy, is paying off - with fewer claims being declined.
“The difference that these payments make to our customers’ lives often mean their being able to focus on their recovery while their finances are taken care of -instead of the burden of financial worries brought about through being seriously ill.
“The chance of developing a critical illness before the age of 65 is around 1 in 5 – so we cannot stress enough the importance of putting the right financial protection in place.”
Zurich publishes both annual and six monthly critical illness claims statistics and last year paid out £59.9m in claims.
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