Cover Magazine - ABI and GRiD record 'highest ever' annual paid claim stats

Protection industry paid out more than £5.3bn to individuals and families last year.

The number of paid claims surpassed 200,000 for the first time ever in 2018 for both group and individual policies, figures from the Association of British Insurers (ABI) and Group Risk Development (GRiD) have revealed.

Overall, £5.3bn in protection claims were paid last year - a £200m increase year on year.

Nearly 98% (97.6%) of claims were paid in 2018, with the average life insurance pay-outs reaching £81,000 - the highest average on record - and pay-outs equalling £14.5m every single day.

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