View more on these topics

Scot Prov pays 93% of critical illness claims in 2012

Scottish Provident paid 93 per cent of all critical illness claims it received in 2012, up from 91 per cent the year before.

The insurer received a total of 1,060 claims in 2012, compared to 1,091 in 2011.

Of the 7 per cent of claims which were not paid – 82 claims – 64 were as a result of not meeting the insurer’s conditions and 18 were as a result of non-disclosure.

In total, Scot Prov paid out £94.3m in CI claims, compared with £90m the year before. In 2012, the average payout was £88,975, up from £82,000 in 2011, with the largest claims being £1m and £945,000, respectively.

The average age of claimants in 2012 was 48 while the average amount of time a policy had been in force before a claim was made was nine years and four months in 2012.

Around 60 per cent of claims paid were as a result of cancer, followed by heart attack, stroke and multiple sclerosis, at 13 per cent, 7 per cent and 7 per cent, respectively.

A breakdown of the insurer’s children’s CI statistics show it paid out 78 per cent of claims – 36 in total – worth £661,637. The average payout was £18,379 and the average age of claimant was 8.

All 10 of the children’s claims which were not paid were as a result of the claims not meeting the insurer’s definition.

Scot Prov senior product development manager Jennifer Gilchrist says: “We are proud that our products provide valuable financial support when it’s needed most for our policyholders. But too many families fail to appreciate just how much a serious illness can impact on their finances and don’t take out protection cover that would give them financial security and peace of mind.

“We need to continue to work hard to promote the value and benefit of protection and turn it into a must have purchase just like car and travel insurance.”


Out of Context

“Bury are live on Sky tonight.” Threesixty Services managing director Phil Young misunderstands the question when asked if there is anything interesting going on. ”If you were my girlfriend I’d be starting to wonder if we were going to break up.” AWD Chase de Vere head of communications Patrick Connolly is sad to hear an […]

Sesame appoints independent non-executive director

Sesame Bankhall Group has appointed F&C REIT Asset Management chief executive Nick Criticos to its board as an independent non-executive director. Criticos will replace independent non-executive director Mike Chadwick, who is leaving the SBG board at the end of March after six years in the role. Criticos’ appointment is subject to FSA approval. SBG executive […]


FSA bans Cru IM co-founder for lack of integrity

The FSA has banned former Cru Investment Management Limited co-founder Stephen Danner for failing to act with integrity. Cru Investment Management marketed the CF Arch cru investment funds to IFAs and was closely involved with the establishment of the funds, which were suspended in March 2009 due to a lack of liquidity. Danner, who was […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm