AIG published latest pay out stats, but life insurance still lagging behind other insurers
Ageas Protect, which changed its name to AIG Life Limited, on 30th March 2015 – has announced it latest payout statistics for 2014. The insurer paid out 90.2 per cent of critical illness and children’s critical illness protection claims last year, amounting to over £13.7m.
The average sum paid out to critical illness customers was £71,100 and the average age of claimants was 43 years old. Cancer continue to remain the most common cause of critical illness claims at 53 per cent, followed by children’s CI causes at 15 per cent, along with stroke and heart attack or related conditions at 6 per cent each.
The number of children’s CI cancer claims rose from 12 per cent of claims in 2013 and cancer was again the top cause for children’s CI claims last year, making up over 50 per cent of children’s critical illness claims.
Of the CI claims not paid in 2014, 4.6 per cent were declined because of non-disclosure and 5.6 per cent were declined for conditions not being met.
Steve Casey, head of marketing and propositions at AIG Life, said “the figures are in keeping with the size and maturity of the firm’s portfolio. The percentage paid figures are higher than last year, which we predicted would be the case. Of greater importance, however, is to look under the headline figure and understand the causes of claim.
Casey continued: “the percentage of claims paid for a children’s critical illness on last year’s figures demonstrates the importance of having a financial parachute in place should a child fall seriously ill.
“The emotional impact of a child’s illness on a family will likely be tough to endure but with some financial support the pressure can be eased a little.”