Think insurance doesn’t pay out? See the 2022 Payments and Claims Statistics

Life Insurance Companies and Their Commitment to Paying Claims

Life insurance companies have a strong interest in paying out as many claims as possible. This commitment is supported by yearly claim statistics. There are five major life insurance companies in the Irish market, and each year they individually release their claim figures and statistics. To illustrate the commitment of life insurance companies to pay claims, let’s examine the figures from one company in 2022:

1. This company paid out over €335.9 million in a total of 7,066 claims.
2. The largest life claim was €3,000,000.
3. 88.9% of specified illness claims were paid out, with the largest claim at €1.8 million.

Cancer continues to be the number one cause for claiming, and on average, over €6 million was paid out weekly in 2022 by this life insurance company.

Regional Statistics:

Focusing on Munster as an example, the figures show:

1. 529 life claims with €33.9 million paid out, and the average age of the claimant was 68.
2. 264 specified illness claims with €17.7 million paid out, and the average claimant age was 53.

Reasons Why Claims May Not Be Paid Out:

There are two main reasons why a life insurance company may not pay out a claim:

1. Nondisclosure by the policyholder when taking out cover: If a policyholder fails to disclose relevant information when applying for coverage, the insurance company may not pay out the claim.
2. The claim doesn’t meet the definition of a specified illness set out in the policy documents: If the claim does not meet the criteria defined in the policy, it may not be paid out.

Over the last five years, this life insurance company has paid over €1 billion in claims, demonstrating their commitment to protecting policyholders and their families.

Conclusion:

The myth that insurance companies don’t pay out on claims has been debunked. Life insurance companies are dedicated to paying out claims and providing financial protection for their policyholders. If you are in need of life insurance or specified illness cover, or if you want to review your existing cover, don’t hesitate to contact a trusted financial advisor. Remember to always disclose all relevant information when applying for coverage to ensure that your claims will be paid out when you need them the mos