UK protection and health insurer The Exeter has today announced its 2024 claims statistics for health insurance, income protection, and life insurance products.
In total, The Exeter saw claims paid reach £61 million in 2024, with income protection and life insurance claims (including terminal illness) totalling £17.7 million. The insurer also paid £41.8 million in health insurance claims across the same period.
Nine out of ten new health insurance claims authorised in 2024
The results show 90% of all new private health insurance claims were paid by The Exeter in 2024, with the main reason for claim being due to musculoskeletal and connective tissue disorders. Where claims could not be paid the main reason was due to claims made during the policy moratorium period.
Musculoskeletal conditions the main reason for claiming on income protection
In 2024 The Exeter paid 93% of new income protection claims, with over a thousand claims from members (1,091). The average age of those claiming on its Income First product was 38, with the average length of claim being 76 weeks for a full-term income protection policy and 75 weeks for limited benefit policies.
The biggest reason for income protection claims was due to musculoskeletal conditions, followed by mental health and hip/knee conditions.
All life insurance claims paid in 2024
The Exeter also reported that 100% of life insurance and terminal illness claims were paid in 2024 with £5.2 million paid to members. The average age of members at claim was 57 for life insurance and 56 for terminal illness.
CEO of The Exeter, Isobel Langton said:
“No one wants to be in a position where they need to make an insurance claim - especially when the claim is due to ill health, injury, or the loss of a loved one.
Our latest claims figures highlight the valuable peace of mind that insurance can provide and also reflects our ongoing commitment to supporting our members when they most need us.”
ENDS
Notes to Editors
PR Contact
Tom Stewart-Walvin, Rostrum
T: +44 (0)7855 689 302
E: theexeter@rostrum.agency
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’s 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.