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Pay outs for life and critical illness (CI) claims increased 25% year-on-year for customers of life insurance broker, Reassured, which is up from a 37% rise in 2022.
Overall, payment figures hit £50m from across Reassured's core insurer panel last year, surpassing the 2022 total by over £10m, with a total of 1,235 claims paid out.
An average of over 100 individuals and families per month saw their policy pay out across the year.
Alongside its core panel, other business areas also saw claims growth, with MetLife UK paying out to 692 Reassured customers in 2023 for various causes, including hospitalisation and broken bones.
Phil Jeynes, Director of Corporate Strategy at Reassured, said:
Far beyond any awards or accolades, genuine consumer outcomes are what makes our industry matter. It is therefore gratifying once again to see our customers receive the protection they need at the time they most need it.
The job our staff do each day has a tangible benefit which can be seen in these remarkable numbers.
While we are acutely aware that each of these claims represents a dark time in our customers' lives, we are tremendously proud to have been able to stand alongside them and at least alleviate some of their burden.
Rich Horner, Head of Individual Protection, MetLife UK, said:
To see an intermediary deliver results such as these really serves to demonstrate the need for what our business, and indeed our industry, can do when it works well.
Reassured saw almost two claims per day pay out from MetLife last year when their customers encountered a bump in life's road, which is a brilliant testament to the quality work they do.
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