Healthcare and protection insurance specialist, The Exeter, paid out on 91% of all income protection claims received last year, its IP claims statistics for 2017 showed.
Musculoskeletal problems, fractured/broken bones and back conditions accounted for the majority (58%) of all claims.
However, last year also saw a 2% increase in mental health related claims (now 7%), which included stress, anxiety, depression and bereavement reaction. This made mental health the fifth most common reason for submitting an income protection claim.
Andy Chapman, chief executive of The Exeter, said: “We are proud to have paid 91% of claims received in 2017.
“The Exeter has always been committed to sharing these figures and it’s crucial that through the right protection, people feel safe knowing that neither illness nor injury will push them into financial difficulties.
“As a mutual, our reason for being is to pay claims, so we are committed to working with advisers and our members to reinforce the importance of providing accurate information at the point of application, so there are no surprises when a claim is submitted.
“Every claim is a real person, so the stories behind the statistics are important. This year we have developed a short video explaining the difference successful claims can make and why it’s important to have cover in the first place.”
The top five reasons for making an IP claim in 2017 were musculoskeletal, fractures & broken bone, back & spinal problems, infections (including coughs, colds and flu) and mental health.
The main reasons for claims not being paid were misrepresentation or claimants not meeting the definition of incapacity.