Leading UK protection and health insurer, The Exeter, has today released its income protection claims data for 2021, showing it paid £10.5 million, an increase of 4% on the £10.1m in 2020.
The Exeter made 1,318 decisions on new income protection claims during 2021, lower than the 1,917 made in 2020, and paid 93% of all new claims. The reduction in claims volumes was largely driven by a drop in COVID-19 related claims, which more than halved in 2021 and accounted for 21% of all claims.
The most common reason for claim was musculoskeletal conditions (38%), while hip or knee conditions accounted for 9% of claims and mental health for 7%.
The average age of claimants on The Exeter’s newer policies was just 37 years old, highlighting the importance of younger clients protecting themselves against the financial impact of illness or injury.
Chris Pollard, COO at The Exeter, comments:
“Providing real and tangible claims support to our members throughout the continued challenges presented by 2021 has been a driving force for The Exeter. We are proud of the support we provide to our members whether in the speed of handling new claims, the dependable service for our long term claimants, as well as the support and services we provide to help speed up our members’ recovery and return to work.
Musculoskeletal claims remain the most common reason for workplace absence, often arising from sporting injuries and accidents often needing several weeks to make a full recovery and return to work. There has been a welcome reduction in claims due to COVID-19 as we emerge from the pandemic.
Most of our members continue to elect to use our digital claim service, with almost 40% responding within 48 hours. We continue to signpost our members to the valuable support services provided by our HealthWise app, which experienced a 48% increase in usage from income protection members last year.”
Notes to Editors
Tom Stewart-Walvin, Rostrum
T: +44 (0)7855 689 302
About The Exeter
The Exeter is a leading protection and healthcare insurer who have been supporting UK families in the event of ill health or injury since 1888.
Formerly known as the Exeter Friendly Society and Pioneer Friendly Society, The Exeter is a mutual friendly society. This means it is owned by members and run for their benefit, rather than shareholders.
The Exeter is a trading name of Exeter Friendly Society Limited, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Register number 205309) and is incorporated under the Friendly Societies Act 1992 Register No. 91F with its registered office at Lakeside House, Emperor Way, Exeter, England EX1 3FD.