Insurers are often accused of doing anything and everything they can to bypass their obligations and avoid paying out just when a customer needs them the most. However, those within the industry know that such a negative reputation should be held only by the most deplorable firms – and the reality is that many are holding good to their promises.
For a stark example of that fact look no further than
Zurich Insurance, which has today revealed that it paid out on 99% of UK general insurance claims during the first half of the year – for a whopping claims total of £958 million.
According to the firm, it paid out on 54 claims worth £1 million or more. It noted that its home insurance payouts were slightly lower at 95%, but added that this was an improvement on 2016 levels and significantly above the industry average. Where customers weren’t paid, the main reasons were misunderstanding what they could claim for, wear and tea and not having the right cover in place.
In terms of retail life claims, including critical illness and income protection insurance, Zurich met 97% of claims during the same period. It noted that where a minority of claims were not made the reasons included non-disclosure of medical information or where an income protection customer returned to work before the payment period began.
"We are committed to publishing our claim statistics right across the business to help reassure our customers that the vast majority of claims are paid year on year,” commented Zurich UK chief claims officer David Nichols. “Our own research throws up some alarming results, that too many people are taking risks and not insuring themselves as they believe insurers try to avoid their responsibility of honouring valid claims.
"We are hugely proud of our claims record and sharing this information so that more people understand insurance and its benefits. As well as payments made, many products have invaluable add-ons such as professional counselling and rehabilitation, helping people and businesses get back on their feet.”
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