Shepherds Friendly paid out £3.23m in income protection (IP) claims in 2024.
The mutual also said a total of 477 claims were submitted during the year, with around 96% of these IP claims approved.
This compared to 2023 figures of £1.8m paid out across 373 claims, with 92% approved, according to Health & Protection‘s Individual and Business Protection Report for 2024.
The mutual’s 2024 IP claims approval rate was slightly up on its five-year average of 95%.
Musculoskeletal conditions made up more than half of new claims received during the year, accounting for 55.8% of new claims decided during the year.
The next most common causes for new claims were chest/lung/nose/throat conditions at 6.9%, with heart conditions responsible for the same percentage of claims.
Mental health conditions accounted for up 5% of claims, gastrointestinal problems 4.8% and cancer 4%.
The value of the payments made was also dominated by musculoskeletal conditions, which accounted for 54.6% of the total sum paid out last year.
Mental health conditions ranked second at 11.5%, followed by cancer at 9.9%.
Despite making up a much higher percentage of the claims lodged, chest/lung/nose/throat conditions took up just 1.9% of the amount paid out, while gastrointestinal problems made up 1.2%.
Heart conditions were responsible for 3.7% of last year’s pay outs.
Ann-Marie O’Dea, CEO at Shepherds Friendly, (pictured) said: “We’re really pleased to have helped so many members and their families last year, providing vital financial support during periods when they were unable to work.
“As a mutual, our members always come first and have done for almost 200 years.
“As we look ahead, we remain dedicated to meeting their changing needs in the future.”
