View more on these topics

Royal London pays 90% of IP claims

Royal London paid 90 per cent of income protection claims last year, the provider’s latest claims statistics reveal.

The business paid 73 new IP claims in 2014. Including ongoing claims, Royal London paid out £3.2m to 246 claimants last year.

The average age of a policy claimant was 41 and the average payout was £13,000. The top five reasons for claims were cancer, musculoskeletal conditions, mental health conditions, stroke and multiple sclerosis.

The average duration of an IP claim was just over four years.

Royal London head of protection Debbie Kennedy says: “It’s reassuring to report our 90 per cent figure for income protection claims paid.

“Overall our claims experience adds strength to our reputation of aiming to pay as many claims as possible.”

Recommended

Antonio-Horta-Osorio-700x450.jpg

Govt commits to Lloyds share sale for retail investors

The Government has committed to launch a sale of Lloyds Banking Group shares to the public in the next 12 months. In an announcement today, the Treasury said further details on the share sale to retail investors will be set out in due course. It comes as the Government reveals it has reduced its holding […]

Godfrey Daniel Investment Association 2015

IA: Firm size ‘useless’ in determining systemic risk

Judging an asset manager’s systemic risk by looking at the firm or fund size is a “useless” approach, says the Investment Association. In response to a consultation on assessing systemic risks in the asset management industry, the IA says while the ‘too big to fail’ mentality may work in the banking industry, it is not […]

Andrew Tully: MPAA is a win-win for advisers

One of the major changes introduced as part of pension freedoms was the reduced £10,000 annual allowance when someone flexibly accesses their pension pot. In pension terminology, this is called the money purchase annual allowance. The Government introduced this lower annual allowance to reduce the scope for recycling, with people continuing to obtain tax relief […]

Martin-Wheatley-Speaking-2013-700.450.jpg
1

Wheatley: Banks’ middle management is regulatory ‘blind spot’

Banks’ middle management is a regulatory “blind spot”, according to FCA chief executive Martin Wheatley. Speaking at a ResPublica banking event in London yesterday, Wheatley said middle managers play a “critical, but underplayed” role in restoring trust and confidence in banking. He said they influence a greater number of colleagues on a day-to-day basis than […]

Guide front cover - thumbnail

Guide: how to… audit your auto-enrolment scheme compliance

As the Pensions Regulator starts to bare its teeth and the changes mentioned in the Budget and Queen’s Speech start to come into force, it is essential that you understand your scheme and the processes you need to undertake to ensure it remains compliant. Our second re-enrolment guide looks at how to audit the key areas of your auto-enrolment scheme.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment