The Exeter has seen a 10% increase in successful life claims, according to its 2024 claims statistics for health insurance, income protection, and life insurance products.
The data reveals the UK protection and health insurer reported that 100% of life insurance and terminal illness claims were paid in 2024, up from 90% the previous year.
In all, The Exeter saw claims paid reach £61m in 2024, up from £41.2m the previous year, with income protection and life insurance claims (including terminal illness) coming in at £17.7m.
The insurer also paid £41.8m in health insurance claims across the same period, up from £28.4m in 2023. Around 90% of new claims were paid and there were 23,049 claims in total.
Nine in 10 new health insurance claims authorised
The results indicate 90% of all new private health insurance claims were paid by The Exeter in 2024, down from 92% the previous year, with the main reason for claim being due to musculoskeletal and connective tissue disorders.
Where claims were not paid the main reason was due to claims made during the policy moratorium period.
MSK conditions main reason for IP claims
In 2024 The Exeter paid 93% of new income protection claims, down from 96% in 2023, with more than a thousand claims from members (1,091) and £12.5m paid out.
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 musculoskeletal conditions, followed by mental health and hip/knee conditions.
All life claims paid
The Exeter also reported it paid out £5.2m in life insurance and terminal illness claims in 2024. The average age of members at claim was 57 for life insurance and 56 for terminal illness.
Isobel Langton, CEO at The Exeter, (pictured) 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.”
