Holloway Friendly Pays 94% of Income Protection Claims in 2019

Holloway Friendly Pays 94% of Income Protection Claims

Holloway Friendly’s latest claims statistics for 2019 have just been released, revealing that the mutual society paid 94% of all claims received last year.

In total, Holloway paid out £2.4 million in benefits in 2019, up by 60% in monetary terms on the benefits it paid in 2018.

The top reasons people made claims on their Holloway Friendly Income Protection last year were:

• Accidents and injuries (35%)
• Musculoskeletal issues (23%)
• Mental health problems (12%)
• Surgical procedures (6%)
• Viral infections (5%).

Holloway Friendly’s Income Protection Claims in Numbers…

• The youngest claimant was just 18; the oldest was 67
• The average age of a Holloway Friendly Income Protection claimant was 44
• The average annual amount a claimant received from Holloway last year was £11,128
• While the average claim lasted 21 weeks, Holloway’s longest-running claim has been ongoing for 30 years and 6 months as of January 2020.

Tom Conner :: Director

“It’s great to see yet another friendly society leading the pack when it comes to publishing their claims data. Holloway is one of the first insurers to publish its Income Protection claims from 2019 and its results are overwhelmingly positive, with the vast majority of its claims paid.

“While Holloway may not be among the best-known insurers on the marketplace, it has proved it has a strong track record of paying claims, which is what really matters.

“Another key fact gleaned from the Holloway Income Protection 2019 claims report is that Holloway’s longest ongoing claim is 30 years and 6 months as of January 2020!

“One client has been receiving a benefit from Holloway for more than three decades because they’ve been unable to work through illness or injury for this length of time, proving just how valuable long-term Income Protection to support you indefinitely until retirement age is compared to a short-term product that will only pay out for 1, 2 or 5 years at most.”