Individual income protection provider Cirencester Friendly paid more than £9.3m in claims in 2023, while its longest running claim has been paid for 33 years.
The mutual paid 95.8% of claims paid out over the year – outstripping its average over the past decade of paying out 94.5% of claims.
Its longest claim was 33 years. The highest annual payment was £50,208 and the average annual payment the mutual made was £4,885.04.
Cirencester Friendly claims statistics for 2023 showed 1,229 income protection claims were considered and 1,177 of these were paid.
A total of 52 claims were declined because no proof of income was provided, the claimant had a continuing income, or the information received either arrived too late or was inaccurate.
Claimants range from 18 to 64 years old
The data also showed a span of almost 50 years between the youngest and oldest claimants. The oldest claimant was 64 while the youngest was just 18.
Almost half of the claims (47.6%) for 2023 came from Millennials, those aged 27 to 41 years old.
Just over a third came from Generation X, those aged 42 to 58 years old and just 7.4% came from the oldest generation in the workforce, Boomers who are 59 and over.
Almost one in 10 claims came from the youngest workers, Gen Z, aged 17 to 26.
The average age of female claimants was 42, while for men it was 40.
Gender difference
The most common reason for men to claim was accidents, accounting for just over four in 10 (41%) claims, followed by musculoskeletal conditions and arthritis (29%) and hip and knee problems (10%),.
But for women, just 18% of claims from women related to accidents.
The most common reason to claim among women was musculoskeletal conditions and arthritis, accounting for just under a quarter of claims (23%).
The third most common reason for women to claim were mental health conditions, relating to 16% of claims. This was considerably higher than for men, where only 4% of claims were due to mental health conditions.
Covid claims
Cirencester also released details of their Covid claims, which have been dealt with separately to non-Covid claims.
Between 2020 and 2023, the mutual received 653 claims, paying 589 of them, a rate of just over 90%.
In total, £618,154.89 has been paid out so far with the average claim lasting just under 30 days.
Michelle West-Wiggins, director of customer experience at Cirencester Friendly, said: “Our mission is to be here when our members need us the most and these claims figures demonstrate we are living up to this goal.
“However, we cannot afford to be complacent. There is always more we can do to ensure both advisers and members are clear about when they can claim and can do so as quickly and easily as possible.
“We’ll be working hard throughout 2024 and beyond to enhance our claim and digital proposition and build even closer relations with our partners to make this happen.
“As a mutual society, we are proud to often go above and beyond what is required or expected to make a genuine difference.
“For example, we prioritise our Children’s Critical Illness Support, paying claims as quickly as we can, sometimes in as little as 48 hours.
“We understand having a seriously ill child is every parent’s worst nightmare and the last thing they need to worry about is their finances.
“By taking an empathetic approach we can help ease the extraordinary burden they face.”
