Richard Waters,
Head of Protection Distribution, HSBC Life( UK) Ltd
Richard Waters, Head of Protection Distribution, HSBC Life( UK) Ltd, talks through the provider’ s claims statistics for 2024, including the total payouts for life insurance and critical illness claims which came to £ 93 million.
It’ s at this time of year that claims statistics reports are issued and HSBC Life( UK) is pleased to announce its stats for 2024.
The headlines are that we paid out £ 93 million in 2024, with cancer being the largest source of both life claims and critical illness claims. Our paid rates were a reassuring 97.53 % for life insurance and 94.44 % for critical illness.
The 2024 stats broken down
Cancer accounted for 40 % of our life insurance claims in 2024. Following cancer, the most common life claims were for heart disease at 12 % and respiratory conditions at 11 %.
Cancer was the largest source of critical illness claims in 2024 at 65 % and we paid out £ 15.5 million in critical illness claims related to cancer. Following cancer, the most common critical illness claims were for heart attacks at 12 % and strokes at 6 %.
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