Cirencester pays 94% of IP claims
Share
Cirencester Friendly paid out 94 per cent of all income protection claims last year, totalling £2.6m.
The IP provider says declined claims were due to non-disclosure and no evidence of loss of earnings.
Chief executive Paul Hudson says: “It is gratifying to see just how much is being paid out for income protection products.”
But Hudson is now calling for the industry to provide a more detailed breakdown of all individual providers’ claims rates, as well as an industry wide figure.
He adds: “Claims statistics are particularly useful in determining how likely the firm is going pay-out should a policy holder have to make a claim.”
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
Readers' comments (1)
Evan Owen | 16 Mar 2010 10:25 am
Hector, Lord Turner
This is socially useful financial services, like Paul Hudson I wonder how the service provided by this Society compares with the rest of the market.
It worries me that the FSA believes that what the banks sell is 'better than nothing'.
Will this socially useful product be available to the wider market post RDR? If not, why not? Does that then beg the question "is the RDR socially useful".
Unsuitable or offensive? Report this comment