More than £1.7 billion – that’s how much insurance giant Zurich paid out in the UK in 2017.
Zurich said more than 99% of all general insurance claims last year were paid – contrary to the notion that claims do not prosper. In fact, the amount involved 120 payments of over £1 million.
Here are the numbers:
- Consumer motor claims – 99% paid
- Consumer home – 95%
- Commercial (general insurance) – 99%
- Critical illness – 95%
- Income protection – 87%
- Life – 99%
As for consumer home, the insurer has shed light on the lower percentage (compared to consumer motor) of claims paid.
“The main reasons for home claims not being paid is where customers have claimed for wear and tear which is not covered by their policy,” explained Zurich. “And where customers don’t have the appropriate cover in place, for example making a claim for an accident but not having taken out a provision for accidental damage.”
For life products, Zurich noted an average of £75,000 for critical illness payments – cancer accounting for 59% of claims.
“While the numbers of claims and amounts paid to our customers fluctuate year on year, we’re proud to report again that we’ve paid out over 99% of claims across all product areas,” noted Zurich’s UK chief claims officer David Nichols. “We hope this helps to dispel the myth that insurance claims don’t get paid.
“We’re fully committed to sharing this information with our customers and to delivering on our promise to them. This includes making sure that applying for cover is simple and straightforward and making sure that we’re on hand immediately with full support when they need to claim.”