MetLife paid 19,102 protection claims worth a total of £16.7m last year and has promised a pipeline of new products for 2023.
The claims figure is up 15% from 2021 when 16,652 claims were paid worth £14.5m, which itself was an increase from 2020 when 14,036 claims were paid totalling £12.1m.
In total in 2022 MetLife paid 10,069 hospitalisation claims covering 69,532 total days of hospitalisation, 8,036 broken bones claims, 5,176 child claims, 529 funeral benefit claims and 323 active lifestyle claims.
MetLife also said it had further product development plans for this year including new products and support services.
In a statement, MetLife UK head of individual protection Rich Horner (pictured) said: “In 2022, we paid out over 19,000 claims across our individual protection product suite, which relative to our market size was not only a real achievement for the business as we are proud to pay claims, but also demonstrates just how much of a customer need there is in the current market.
“And we’re not stopping there. Along with regular enhancements to our existing products, we are also starting to develop an exciting new product pipeline for 2023, including new services that will provide additional flexibility for customers and their families.”
‘Alarming house price falls’
Discussing the current economic environment Horner continued: “It is alarming to see reports of house prices falling and the cost of mortgages rising, which then brings the question of affordability and access to the right level of protection for consumers sharply into focus.
“Part of our commitment as a provider in this market, is spending more time with customers through research and face to face interactions to better understand exactly where pressure points exist.
“Then we can tailor our protection products and service offerings to best support their specific needs.”
He also referenced the Financial Conduct Authority’s incoming Consumer Duty regime calling it “a tipping point to shift the industry’s mindset” and to truly consider what customers’ needs are instead of thinking how to best tick boxes.
Earlier this week, MetLife announced it had promoted Justin Harper to oversee the insurer’s individual and group protection propositions.