"Publishing our claims statistics shows how crucial it is to have a financial safety net for when the unexpected happens."
- Craig Paterson, chief underwriter at Royal London
This is the first set of claim statistics that partially include policies following the formal transfer of Aegon’s individual protection business on the 1st July 2024.
READ MORE: Royal London completes acquisition of Aegon UK’s individual protection book
Nearly £270mn was paid in Life Insurance & Terminal Illness claims, averaging close to £93k for life claims and £132k for terminal illness. Meanwhile, over £286mn was paid in WOL claims, representing a payout rate of 99.98% with an average payment of £5k.
The mutual paid 89.7% (2,675) of CI claims, averaging £67k per claim. A recent cancer diagnosis was the most common trigger (64%), followed by heart attack (10%), and stroke (9%).
In 2024, Royal London paid over £8k in IP claims, representing a payout rate of 86.8% (1,259).
In addition to these claim payouts, Royal London supported customers registered for Helping Hand, allowing them to access added-value services such as virtual GP consultations, musculoskeletal therapies, physiotherapy, and mental health support.
Roughly 1k customers and their families received support with a recent cancer diagnosis (19%), mental health (17%), musculoskeletal issues (17%), and bereavement (13%).
Helping Hand was recently enhanced to include preventative services such as mental health support via Thrive and musculoskeletal advice via Track Active Me.
Craig Paterson, chief underwriter at Royal London, explained that “While we have always had a strong track record in paying claims, we’re always looking to improve the claims experience for our customers, making it easier for them to claim and pay claims faster.
“Publishing our claims statistics shows how crucial it is to have a financial safety net for when the unexpected happens. Paying a claim is our moment of truth – and in 2024, we delivered on that promise.”
