Legal and General paid almost 92% of group income protection claims – GRiD average was 84%
Legal & General has published it group claims statistics today following Group Risk Development (GRiD) recently publishing its figures from 2015 showing the total payments made by the industry last year
During 2015 the insurer paid 96% of all group protection claims in 2015, worth a total of £266m, a figure that represents almost a fifth (18.88%) of the industry total of £1.4bn.
Legal & General’s data shows that they paid 99.9% of group life claims in 2015, an increase on 2014’s figure of 99.6%. The insurer also paid 92% of group income protection claims last year, worth £45m, which is an increase on 2014 and also higher than the industry average of 84%.
Group income protection policies can also provide active intervention to help people return to work before their absence becomes a claim. Legal & General’s policy also funds all treatment where appropriate, enabling 595 people in 2015 get back to work within the deferred period , almost one third of the 1,878 total reported by GRiD
Martin Noone, Managing Director, Legal & General Workplace Health and Protection, said: “GRiD’s annual figures are a very useful analysis of the value provided by the group protection industry each year, they also highlight Legal & General’s role within the industry. To see that in 2015 we paid nearly a fifth of total industry claims made in the UK is pleasing, so too are the increased proportion of group life claims we paid and the above average proportion of our Group Income Protection claims paid.
“What is most important is being able to evidence our leading proposition to our customers. Our active intervention and funding rehabilitation support where appropriate enabled 595 people return to work before their case became a claim, a near 40% increase on 2014. This represents almost a third of the industry total reported by GRiD and emphasises the many ways we can support both employers and individuals during what can be an extremely difficult period.”