British insurance giant Aviva has made its highest ever payout for life insurance, critical illness cover, and income protection policies after paying over £1 billion to its individual protection customers and their families in 2020.
According to Aviva, 98.2% of all claims received were paid, with more than 50,000 families compensated. It was highlighted that the abovementioned total translates to £2.85 million paid out on a daily basis.
Of the sum, £38.9 million related to the coronavirus, with the majority of claims paid to bereaved families on life insurance policies. Claims paid also included income protection payments and rehabilitation support for those with the so-called long COVID.
Broken down, here are the numbers:
|
Coverage |
Number of claims paid |
Value of claims paid |
% of claims paid |
|
Life insurance (including terminal illness benefit) |
42,057 |
£682,259,332 |
99.3% |
|
Critical illness (including children’s critical illness + total permanent disability) |
4,294 |
£314,277,422 |
92.7% |
|
Income protection |
4,403 |
£44,742,110 |
87.5% |
|
Fracture cover |
827 |
£1,992,460 |
88.1% |
|
Totals |
51,581 |
£1,043,271,324 |
98.2% |
“In a year like no other, the most important outcome for Aviva is that we were there to help more than 50,000 individual protection customers and their families,” said Aviva claims manager Jacqueline Kerwood.
“We are proud of the scale of what we do, but behind every claim we know there is an individual most likely going through the worst time of their lives, and our focus is always to support them with empathy, respect, and care.”
Kerwood added that they continue to challenge themselves to introduce new initiatives that will help Aviva customers during these times.
