Royal London paid out over £751 million in protection claims in 2024, according to figures published by the mutual insurer.
A total of 65,385 claims were paid, representing 98.7% of all claims made, the firm said.
This marks the first set of data that partially include policies following the formal transfer of Aegon’s individual protection business on 1 July 2024.
Over the course of 2024, Royal London paid out nearly £270 million in term life and terminal illness claims, with an average payout of nearly £93,000 for life claims and £132,000 for terminal illness claims.
In addition, it paid over £180 million of critical illness claims, amounting to 89.7% of all critical illness claims. Meanwhile, over £8 million was paid in income protection claims and £286 million in whole of life claims.
In addition to protection policies, Royal London said over 5,000 customers also registered for its Helping Hand service, which offers health and wellbeing services.
Craig Paterson, chief underwriter at Royal London, said: “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, with a record-breaking year for claims paid to customers.
“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. For instance, we’re now able to settle more life insurance claims without requiring medical evidence.”
Main image: denise-bossarte-8rEJiVQk1Vw-unsplash
