May 2, 2019
How many claims did Aegon payout in 2018?

Aegon – How many protection claims were paid out in 2018?

Aegon paid out more than £125m in individual protection claims in 2018, according to the company’s latest figures.

The data, which is compiled using Association of British Insurers guidance, showed that a total of £128.6m was paid in claims across all protection benefits last year.

The company said the percentage of life and critical illness claims remained broadly in line with 2017 figures at 98 per cent and 93 per cent, respectively.

Life claims

For claims relating to life protection, the average claim paid was £90,435 and the average age of claimants was 62 years old.

Aegon said the most common cause of death for a life claim was cancer at 47 per cent. Along with heart-related conditions at 21 per cent.

The figures also illustrated that 23 per cent of life claims are actually being paid early by Aegon, where life expectancy is 12 months or less upon diagnosis of an illness.

In total, £23m was paid out in terminal illness claims in 2018.

Critical illness claims

The average size of a critical illness claim paid out in 2018 was £80,644. Cancer, heart attacks and strokes accounting for 81 per cent.

Income protection claims

Aegon paid 93 per cent of new income protection claims in 2018, totalling more than £561,000 in regular monthly benefits.

Financial Support

Simon Jacobs, Head of claims and underwriting at Aegon UK, said: “These figures represent people, businesses and families. Who are going through some of the most difficult times in their lives, and we’re proud to have been able to help them through that.”

“The claim is the heart of every protection policy. When customers have to make a claim and deal with the emotional and financial upheaval a death or illness can bring, our experienced team of claims assessors support them through every step.”

He added: “In terms of figures, our claims performance is consistent. Paying 98 per cent of life, 93 per cent of critical illness and 93 per cent of income protection claims.

“We’ve reported our claims statistics for around eight years. Over this time we’ve worked hard to reduce incidents of misrepresentation and make sure that customers receive the best claims experience. The customer experience at the point of claim is just as important as the number of claims paid.”

Source: FT Adviser Magazine April 2019

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