AEGON has today published claims data which show an increase in the value of life protection and critical illness claims paid in 2009. Life claims paid were up 38.5% from £45m in 2008 to £55.5m in 2009 and Critical Illness claims paid were up by 32% from £19m in 2008 to £25m in 2009.
The percentage of life claims paid in 2009 was 92% and for critical illness was 88%, broadly in line with 2008 figures which were 91% across both types of cover.
Of the 12% declined claims for Critical Illness in 2009, One third were due to non disclosure and two thirds were due to the definition not being met.
Matt Rann, Group Head of Underwriting and Claims said: “In the past, the split in declined claims between non disclosure and definitions not being met was broadly 50/50. The reduction in instances of non disclosure to one third is evidence that people are now providing fuller and more accurate information at application stage and it also reflects the positive changes to claims brought in by the ABI in 2008.
“Moving forward, it is important that we work together as an industry to ensure the trend towards a reduction in the number of declined claims across the industry continues and the process of making a claim is made easier and quicker.”
In January 2009, AEGON launched a tele-claims service which aims to speed up the process of paying claims. Indications from the pilot of this service suggest the average time it takes to pay a claim will reduce from 10 weeks to 5 weeks.
For more information on claims financial advisers can contact their usual AEGON sales consultant or visit AEGON’s ‘Understanding claims’ website at http://www.aegon.co.uk/claims
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Media Relations Manager
Notes to Editors
In the UK AEGON offers pensions, life insurance, asset management and financial advice to around 2 million customers. AEGON UK has assets under administration of £56bn billion and employs approximately 4,900 staff.
AEGON is one of the world’s leading insurance groups with approximately 30 thousand employees world wide and 40 million customers in the Americas, Europe and Asia. AEGON's revenue generating assets totalled EUR 361 billion at December 31, 2009.