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NU pays out £27m in CI claims

Norwich Union paid out £26.9m in critical-illness claims last year, with 63 per cent of all claims for cancer and 13 per cent for heart attacks, according to its second annual CI report.

The report has prompted intermediaries to call for other insurers to join NU and Scottish Provident in releasing detail figures because it helps them make the case for the need for clients to get cover.

The report, the second from NU, shows that the average claimant was aged 40 and received £62,085. A third of all policies claimed on last year had been in force for less than a year.

LifeSearch senior technical adviser Kevin Carr says Scottish Provident provides the most detailed statistics, also including claims it has not paid out on and why. He says the majority of insurers only make small portions of statistics available but he wants to see insurers all producing a clear and comprehensive report.

Carr says: “This report clearly demonstrates the need for insurance cover against serious illness. There have been changes in the market this year, with more to come, but the fundamental need for cover itself does not change.”

NU head of media relations James Evans says: “To us, it is all part of being more transparent. It is also potentially helpful for IFAs as they can illustrate to clients what sort of people are buying critical illness cover and show the payouts.”


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