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Aegon Pays £148.1m of Claims in 2019 including 100% of Income Protection Claims…

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21/04/2020

Insurer Aegon has announced its claims data for 2019. It paid £148.1m across Life Insurance, Critical Illness Cover and Income Protection, including 100% of all Income Protection claims received.

Aegon

Aegon Policyholders Receive £148.1m in Protection Claims

Aegon’s claims data for the year to December 2019 have just been released, with the insurer’s figures revealing that it paid:

Aegon’s Income Protection Insurance Claims in Figures…

Aegon paid Income Protection benefits totalling £1.25 million in 2019 (across both new and continuing claims), with the average yearly payout standing at £13,684.

Women represented a considerable majority of claimants in 2019, with women making 69% of Aegon Income Protection claims compared with 31% for men.

The most common causes of Income Protection claims were: accidents (38%), mental health (31%), cancer (15%), cerebrovascular (8%) and musculoskeletal (8%).

Aegon’s Life Insurance Claims in Figures…

Aegon Life Insurance paid 96% of all Life Insurance claims it received in 2019, paying out £71.5 million in total. The average payout on an Aegon Life Insurance policy was £100,619, while the average age at claim was 63.

The seven most common causes of death triggering a payout were:

  • Cancer (43%)
  • Cardiovascular (23%)
  • Respiratory (7%)
  • Suicide (5%)
  • Cerebrovascular (5%)
  • Digestive (5%)
  • Accident (3%).

Aegon’s Critical Illness Cover Claims in Figures…

Aegon paid more than £41.9 million in Critical Illness Insurance claims in 2019, with the average Critical Illness Insurance claimant being just 50 years old.

The average value of a claim on an Aegon Critical Illness policy stood at £83,964.

The four most common reasons for a CIC claim in 2019 were:

  • Cancer (60%)
  • Heart attack (15%)
  • Stroke (8%)
  • Parkinson’s disease (2%).

Tom Conner Director at Drewberry
Tom Conner
Director at Drewberry

“Aegon has published a very detailed claims report for 2019, revealing not only the proportion of claims paid but also the reasons behind those claims. For instance, the figures show that three-fifths of all Critical Illness Insurance claims were due to a cancer diagnosis, revealing sadly how common this terrible disease is.

“It’s also incredibly positive to see that Aegon paid 100% of all Income Protection claims last year. Very few insurers can ever pay 100% of all claims in any given year due to a number of reasons, from misrepresentation at the point of application to a claim not meeting the definition of an illness. Therefore seeing Aegon paying every single Income Protection claim it received is a huge achievement and massively welcomed.”

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