British insurer Aviva has revealed that it paid out more than £3.6bn in cash settlements and services in the UK in 2017 –equivalent to more than £10m per day, or £7, 000 every minute.
In order to counter general perception that the insurers do not pay the claim amount, Aviva published its first UK-wide claims report. The report covers different aspects of its individual and commercial insurance business.
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Overall, the company accepted about one million claims last year across motor, home, travel, protection, health and commercial business insurance.
The company claims that it accepted 96% of claims across its individual and commercial insurance lines. The 4% claims were rejected as the policy holders did not reveal pre-existing health conditions, lacked additional cover to a standard policy as well as policy definitions did not met claim criteria.
The report stated that approximately 120,000 vehicles are repaired each year through Aviva car insurance.
Additionally, enough carpet is replaced through home insurance claims to cover 11 football pitches.
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By GlobalDataAviva UK Insurance CEO Andy Briggs said: “Misconceptions that insurance does not pay out when it is needed or that it is unnecessary are leaving UK families and businesses potentially exposed through a lack of suitable insurance. If people have a sense that insurance is not going to pay out, they won’t bother buying it.
“Across the industry we know that insurance is a reliable and critical way of providing financial protection when things go wrong, whether it involves a family member, a personal possession or a business. In the vast majority of cases, insurance claims are accepted and there are additional and very important support services that help customers get back on their feet.”
Aviva’s consumer research also showed that 55% of consumers believe insurers will always try to avoid paying claims if they can.
