View more on these topics

Pioneer pays out 96% of IP claims

Pioneer paid out on 96 per cent of income protection claims last year, slightly down from 96.8 per cent in 2006.

Musculo-skeletal and back injuries accounted for 32 per cent of claims compared with 30 per cent the previous year. Operations and fractures resulted in the second and third highest number of claims.

Dental and optical injuries were responsible for 8 per cent of claims.

Chief executive Andy Chapman says he is pleased with the figures and has urged other income protection providers to publish claim statistics after Association of British Insurers recently warned firms not to rush into it.

Chapman says: “We believe it is vital to publicise claim statistics to reassure policyholders and intermediaries of the importance and value of this crucial form of protection insurance.

“We were the first provi- der to reveal our income protection claims statistics and are committed to doing so annually.

“If the income protection market is to reach full potential, providers have a responsibility to be open and transparent with intermediaries and consumers.”

Pioneer recently merged with healthcare provider Exeter Friendly Society and plans to launch a creative range of healthcare and protection products under the Exeter banner this year.

Recommended

1

Mark Shorrock

Few entrepreneurs will be able to claim such an unusual motive for setting up their business as Mark Shorrock, founder and chief executive of the low-carbon accelerator fund. He says: “I had Michael Douglas and Catherine Zeta-Jones wanting to do a movie that I owned – and I was not excited.”

Sub-Saharan Africa Near-Term Outlook

By Paul Caruana-Galizia, Neptune Economist

Sub-Saharan Africa’s economic renaissance continues. After growing at an average rate of five per cent over the past decade, the IMF projects an acceleration to 5.5 per cent growth among Sub-Saharan economies in the next two years, as developed economies emerge from the crisis. We expect this growth to be sustainable for three broad reasons.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment