Legal & General Pays over Â£400 million in claims during 2011.
28 March 2012
Legal & General has paid more claims than ever before, a total of £441 milllion combined death and critical illness claims in 2011, up from £373 million in 2010.
Legal & General are in the business of paying claims and we paid 93.2% of critical illness claims in 2011. In the UK, more than one in three people will contract some form of cancer during their lifetime*.
The key critical illness figures for 2011 are as follows:
Total number of claims paid 2,784
- £63,573 is the average amount paid per critical illness claim
- Average age of claimant 43 years
- Cancer remains the number one reason for a critical illness claim
Russell Whitworth, Underwriting and Claims Director for Legal & General's Individual Protection business said:
"Our key focus is to help people when they are at their most vulnerable and I am very proud of these figures. We are in the business of paying claims and we want to make sure we pay as many claims as possible, as quickly as possible to give our customers the best possible service at what is a very difficult time. We continue to work hard to reduce non disclosure and less than 3% of claims in 2011 were repudiated purely for medical non-disclosure. Less than 5% of claims did not meet the definition as set out by the ABI Best Practice for Critical Illness, to which Legal & General adheres. These figures highlight the importance of critical illness cover for everyone."
Notes to editors
Source: * Cancer Research statistics - Office for National Statistics, Mortality statistics: Deaths registered in England and Wales 2008
|Death claims paid||£152m||£179m||£215m||£217m||£226m||£264m|
|Claims declined (overall)||3.4%||3.7%||1.9%||1.8%||2.2%||2.2%|
|Critical illness claims paid||£92m||£110m||£146m||£152m||£147m||£177m|
|Claims declined (overall)||16.7%||11.8%||7.2%||6.4%||8.2%||6.8%|
|Claims declines (for non-disclosure)||12.1%||7.7%||4.2%||1.8%||2.8%||2.6%|
|Claims declined (for not meeting policy definition)||4.6%||4.1%||3%||4.6%||5.4%||4.2%|
- The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.
- The Legal & General Group, established in 1836, is one of the UK's leading financial services companies. As at 31 December 2011, we were responsible for investing £378 billion worldwide on behalf of investors, policyholders and shareholders. We also had over seven million customers in or our life assurance, pensions, investments and general insurance plans.
- Legal & General Assurance Society Limited. Registered in England No. 166055. Registered office: One Coleman Street, London EC2R 5AA
- Authorised and regulated by the Financial Services Authority.
For more information please contact:
PR Manager, Legal & General Group
t: +44 (0) 20 3124 2092
m: +44 (0) 7764 582574