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Zurich pays out in 91% of critical illness claims

Zurich paid out in 91 per cent its critical illness claims in the first six months of the year, which is unchanged from the last six months of 2011.

Over the period 411 claims were paid out, with payments totalling £32.7m. The largest single claim paid out was for £1.05m.

Around 1.5 per cent of claims were declined during the period for non-disclosure, compared to 1.4 per cent in the previous six months, and the remaining 7.5 per cent of declined claims were due to the definitions not being met.

Cancer was the most common reason for payments at 60 per cent. This was followed by heart attack accounting for 13 per cent and stroke for 7 per cent of successful claims. Benign brain tumour and multiple sclerosis each accounted for a further 5 per cent of payments.

Zurich head of protection proposition Peter Hamilton says: “In the small proportion of cases where claims cannot be paid, it is largely because the condition suffered does not meet the terms of the policy. As a nation, we remain hugely under insured; cover such as this is an essential element of sound financial planning.

“It is also encouraging to see claims declined due to non-disclosure rates remaining low. Investment by the industry into initiatives to help improve understanding of the issues seem to be paying off.”


PMS and Sesame launch three exclusives with Leeds BS

PMS and Sesame have launched three exclusive fixed rate products via Leeds Building Society, including a shared ownership mortgage. A two-year fixed rate mortgage is available at 3.79 per cent and a five-year fixed rate is available at 3.8 per cent. Both loans are available up to 80 per cent LTV. The two-year product does […]

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FSA to end aggressive bank sales structures

Financial Conduct Authority chief executive designate Martin Wheatley is set to announce plans to crackdown on incentive schemes used by banks, building societies and insurers. Giving his first speech to the City tomorrow, Wheatley will announce plans to toughen up on certain sales incentive schemes the regulator believes are unfair to consumers. The FSA will […]

Dragonfly Property Finance completes bridging loan in four days

Short-term lender Dragonfly Property Finance has completed a £840,000 bridging loan in four days. A limited company, introduced to the lender by brokers Mortgage Centre IFA, secured the loan against a leasehold flat. Dragonfly, which took the loan from enquiry to completion in four days, will be repaid on sale of the flat. Mortgage Centre […]

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Builders’ blight

The UK housing shortage is now acute and the Government is floating schemes to try to encourage more house building. But the lack of mortgage finance and banks’ unwillingness to lend to small builders is stalling the market.


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