Aviva’s protection payouts equate to £1.2 million pounds a day, or £836 per minute
Aviva paid more than £439 million to policyholders who made life insurance and critical illness claims during 2011. The latest figures which equate to more than £1.2 million pounds a day, or £836 per minute includes £320 million paid to the families of life insurance policyholders who have died or been diagnosed with a terminal illness. Aviva also paid nearly £114 million to policyholders with critical illness (CI) cover.
Aviva made payments for 10,495 life insurance claims and 1,568 CI claims. In total the insurer paid 99% of all protection claims (life insurance and critical illness cover), which breaks down as 99.7% of life insurance claims, and 94.1% of critical illness claims.
Overall 0.4% of protection claims (life and critical illness) were declined due to non-disclosure. In total 0.3% of life insurance claims, and 1% of critical illness claims.
Key statistics for 2011 include:
- The average sum paid to critical illness customers was £73,591.
- The average age of critical illness customers was 44 years for women and 46 years for men.
- Cancer remains the most common cause of critical illness claims at 67%, followed by heart attack (10%), stroke (7%), multiple sclerosis (6%) and benign brain tumour (2%).
- Over the last five years the same top five conditions have accounted for more than 92% of Aviva’s critical illness claims paid overall.
- In October 2011, Aviva introduced partial payments for new CI customers for two early forms of cancer: low grade prostate cancer and ductal carcinoma in situ, an early form of breast cancer. For these conditions, claimants will receive a lump sum of up to £20,000.
Robert Morrison, chief underwriter for Aviva says: “Aviva is a company that wants to pay claims and our latest figures clearly reflect this. We know all too well how financial security can make a huge difference at a distressing time, so we make it our business to pay as many claims as we possibly can. This means there’s one thing less for our customers to worry about when there are so many other things to consider.”
“We’re extremely proud of our claims record at Aviva. We are constantly working to make our customer journey as simple and straightforward as possible. We’re striving to ensure that whether they’re taking out cover or making a claim, our customers have exactly the experience they would want at that time.”[gap height=”10″]
- All policyholders with an Aviva critical illness policy benefit from up to £20,000 of children’s critical illness cover for their children. In 2011 Aviva paid out 60 child critical illness claims.
- During 2011 Aviva paid out £439,633,646 to people claiming through life insurance and critical illness cover. This includes:
- Child critical illness claims: £681,897
- Terminal illness claims: £47,686,251
*Claimants will receive 20% of their sum insured up to a maximum of £20,000. The partial payment enhancements cover the following conditions:
- Ductal carcinoma in situ: A diagnosis of this early form of breast cancer always requires surgical removal. Many providers only cover mastectomy treatments for carcinoma in situ of the breast. However, Aviva covers mastectomy, partial mastectomy, segmentectomy and lumpectomy as well as other treatments.
- Low grade prostate: For low grade prostate cancer, unlike other providers, Aviva covers all current recognised surgical treatments including hormone therapy, which other providers exclude.