Scottish Widows paid out more than £243mn on 98 per cent of protection claims over 2023.
Data from the insurer showed 22 per cent more claims were paid out in 2023 when compared with the previous year.
It clarified that, while the total number of life claims assessed jumped by almost 18 per cent compared to 2022, Scottish Widows paid out 99.4 per cent of life claims.
The number of critical illness claims assessed in the same period rose by 6.5 per cent, rising from 8 per cent when compared to 2021 figures, with 92.3 per cent of claims paid out.
As a result, more than 11,000 customers received financial support, representing 10,067 and 1,635 claims paid for life and critical illness respectively.
Scottish Widows head of protection, Scott Cadger, said: “Our customers and their advisers trust us to help alleviate financial pressure at times that can be devastating, unexpected and emotional for them and those to whom they are closest.
“We’re continuously to deliver on that safety commitment, with more than 98 per cent of claims paid out for the fifth year in a row.
“We are connecting more and more people and their families to much wider medical, emotional, and practical help.
“We’re always listening to feedback from customers and advisers to help us evolve our protection products around their needs while providing that extra value that we know makes a huge difference during moments that matter.”
Scottish Widows revealed the highest proportion of critical illness claims were linked to cancer and made up 62 per cent of the total number of critical illness, and almost 31 per cent of life insurance, claims.
The most common cancer claims for men were related to prostate (27 per cent), bowel (16 per cent), Hodgkin’s lymphoma (6.8 per cent), malignant melanoma (5.6 per cent), and leukemia (5.6 per cent).
Meanwhile, breast cancer accounted for 52.3 per cent of cancer cases among women, the most common kind ahead of bowel (8.4 per cent), uterine or cervical (7.7 per cent), malignant melanoma (5.6 per cent), and lung cancer (3.4 per cent).
tom.dunstan@ft.com
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