View more on these topics

Protection payouts hit £3.4bn in 2014

Insurers paid out £3.4bn to protection policyholders in 2014, industry figures show.

Association of British Insurers members saw a total of 131,543 claims in 2014, up 28 per cent from the 2013 figure of 102,384.

The increase came as a result of a surge in claims for whole of life insurance policies, which rose from 43,529 to 72,962 year-on-year. The ABI says this was primarily because a new entrant joined the UK market.

The increase in claims means insurers paid out a total of £3.4bn to protection policyholders last year, up from £3.1bn.

However, at the same time, the average protection claim paid actually decreased from £31,140 to £26,813.

ABI director in charge of protection policy James Dalton says: “These figures show that 97.7 per cent of all types of protection policy claims are paid allowing people to focus on other challenges.”

2014 protection payout figures – product breakdown

ABI_protectionpayout_2014

Recommended

Board-Room-Meeting-Room-Business-700.png
3

Richard Coulson to take charge of Pink

First Complete business development director Richard Coulson has taken charge of sales and recruitment at Pink Network following Mark Graves’ departure. He will still be in charge of the same areas for First Complete, while the individual brands remain unchanged and still have their own regional director teams. Earlier this year Toni Smith’s role was […]

FCA interior logo 620x430

FCA drops Quindell probe as SFO investigates

The FCA has dropped its probe into Quindell after the Serious Fraud Office launched a criminal investigation into the business and accounting practices at the insurance technology firm. It is understood the decision was taken to avoid duplication between the two bodies. The FCA launched its investigation into Quindell in June this year, while the […]

Thumbs

Cover story: Service mark

Mortgage Strategy’s latest quarterly survey shows that some lenders have taken their eye off the ball this summer, with service often proving their undoing

Construction-Energy-Oil-Fuel-700x450.jpg

Deflation predicted to return as oil prices fall

Falling oil prices will likely lead to another bout of deflation and means the Monetary Policy Committee should “take its time over raising interest rates”, says Capital Economics. The price of oil is at a six-month low, with a barrel now costing under $50. CPI inflation was 0 per cent in July, although core inflation […]

10 September thumbnail

Johnson Fleming set to hold auto-enrolment support webinar

Two years since the process of auto-enrolment began, the looming re-enrolment deadline provides the perfect opportunity to assess whether the support you have in place, which may well have been hastily selected at the start, is fit for purpose. Johnson Fleming is holding a webinar on 10 September at 11:00 to discover the key issues and concerns you should consider when thinking about your current support options.

Newsletter

News and expert analysis straight to your inbox

Sign up