AIG Life paid out £92m ($120m) in life and critical illness claims in 2018, a 26% rise from the £73m paid out in 2017.
According to the firm, this has helped over 1,500 individuals and families over the year.
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Furthermore, AIG Life paid 99% of life claims in 2018, the same as in 2017. In addition, it paid 94% of critical illness claims, up from 93% last year.
AIG Life 2018 claims changes
The insurer stated that an increasing number of claims were made as Children’s CI payouts to parents.
Some customers are also making good use of the benefits of AIG protection insurance to improve family health. Four in ten customers who accessed Best Doctors – a second opinion medical service that comes free with AIG Life – received a new diagnosis in 2018 for a medical situation.
Commenting on AIG Life’s findings, Adam Winslow, Chief Executive Officer of AIG Life, said: “Taking out protection insurance to look after your family is a truly selfless act so when life takes a terrible turn, you want feel that behind the ‘faceless’ insurance company there’s some friendly experts who will be supportive every step of the way.
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By GlobalData“Paying claims is what we’re here for. It’s why we exist. But offering access to a global second medical opinion service such as Best Doctors is our way of providing customers and their families with as much backing as possible, regardless of whether it relates to a claim. I find it particularly rewarding when I see the extra services we provide are making a real difference to people’s lives.”
AIG Life 2018 claims breakdown
The highest pay outs were:
- Life – over £1.7m
- Critical illness – £500,000
- Terminal illness – £1.1m
The average age at claim was:
- Life – 65yrs
- Critical illness – 47yrs
- Terminal illness – 60yrs
Cancer was again the biggest cause of claim:
- 39% of all life claims
- 68% of all critical illness claims
- 93% of all terminal illness claims
- 29% of all child critical illness claims
Life claims
- 1086 claims
- £51.8m paid
- Average sum assured: £47,712
Critical illness
- 318 claims
- £24.8m paid
- Average sum assured: £78,077
- Critical illnesses claimed for:
- Cancer 68%
- Stroke 11%
- Heart Attack 5%
- Multiple Sclerosis 4%
- Benign brain tumour 2%
Terminal illness
- 113 claims
- £14.2m paid
- Average sum assured: £125,497
Children’s Critical illness
- 45 claims
- £850,242 paid
- Average sum assured: £18,895
