Wrong life insurance declines down to 0.16 per cent

Fri, 22 May 2009

According to a report by the Reinsurance Group of America, just 0.16 per cent of life insurance and critical illness insurance claims rejected by insurance companies were referred to the Financial Ombudsman and ruled in favour of the consumer.

The data was taken from a total claim list of 56,000 cases over the whole period. The figures are a positive indication of how little insurance companies get claims wrong. In total, according to the study, insurers in this sector paid out £2 billion in 2007 and 2008.

Acceptance rates for life insurance policies increased slightly between the two years, with the overall decline rate falling sharply. The percentage of declined claims across all insurance companies varied between 0 per cent and 9 per cent during 2008.

Earlier this year, life insurance cover was confirmed as being at its cheapest ever.
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