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