Cirencester Friendly is pleased to report that the Society was able to pay 94% of claims in 2015.
During 2015 a total of 787 applications were made, of which 97.6% were eligible for consideration. This left 768 claims to be considered and of these 725 (94%) were paid – a total of £3.2 million in sick pay benefit.
Reasons for rejecting claims included:
- proof of earnings could not be supplied
- no loss of earnings occurred
- non-disclosure
Significantly, the highest reason for making a new claim in 2015 was for accident or injury (29%), highlighting the importance of putting adequate financial safeguards in place to protect against the unexpected.
| Accident/Injury | 29.09% |
| Other | 21.61% |
| Back/Neck/Shoulder/Muscular/Arthritis | 14.60% |
| Hip/Knee | 7.71% |
| Depression Type Illness | 7.59% |
| Abdominal | 4.79% |
| Common Infectious Disease | 4.44% |
| Chest/Lung/Nose/Throat | 4.09% |
| Cancer | 3.86% |
| Heart/Circulatory | 2.22% |
The above table denotes new claims made in 2015
| Average Annual Payment | £3,531 |
| Highest Annual Payment | £38,873 |
| Average Length of Claim | 327 Days |
| Average Age of Male Claimant | 43 |
| Average Age of Female Claimant | 45 |
The above table denotes all claims paid in 2015
Commenting on Cirencester Friendly’s 2015 claims statistics, Paul Hudson, chief executive said:
“We are committed to supporting our Members when they need us most and we are thrilled to be able to report another year of very positive claims figures.
“Unfortunately the unfounded fear of claims being declined continues to impact the sale of income protection across the entire insurance industry, which is why we feel a transparent approach to the payment of claims is so important, both for consumer confidence and the negative perception that many intermediaries have of protection products.
“Many providers now publish claims statistics and I would urge advisers to use these figures to dispel customer concerns and emphasise the need for good income protection cover.”
