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FT Adviser - Insurers paid £17m a day in protection claims in 2020

The insurance industry paid out a record £6.2bn in life insurance, income protection and critical illness claims last year, according to figures from the Association of British Insurers and Group Risk Development.

The amount paid out is equal to £17m a day, with the total value of claims paid up 8 per cent on 2019.

Non-disclosure was the biggest reason for declining individual income protection claims, the ABI said.

Nevertheless almost all claims (98 per cent) were paid, which was in line with 2019, when the share of protection claims paid by the industry reached 98.3 per cent and £5.7bn was paid out.

Insurers paid out £202m, the equivalent of £553,000 every day, to support the families of people who died due to coronavirus in 2020.

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