AIG Pays More Than £92m in Protection Claims in 2019

AIG Pays £92.1m in Life and Critical Illness Claims

AIG has released its claims data for the 12 months to December 2019, with the insurer’s figures showing that it paid:

• £48.2 million in Life Insurance claims (plus £12.4 million in Terminal Illness claims)
• £30.3 million in Critical Illness Insurance claims.

AIG Life Insurance Claims in Figures…

AIG Life Insurance paid out on 1,709 Life Insurance claims totalling £48.2 million last year, with an additional £12.4 million paid in terminal illness claims.

The average payout on an AIG Life Insurance policy was £28,236, while the highest individual claim totalled £2 million.

The average age at claim was 67 years old.

There were three main causes of death that triggered a payout:

• Cancer (39%)
• Cardiac (23%)
• Respiratory (13%).

AIG Critical Illness Claims in Figures…

AIG paid £30.3 million in Critical Illness Insurance claims last year on a total of 398 claims.

The average claim paid on such a policy stands at £76,156, with the highest individual claim being £955,940.

The average age of a claimant was just 47 when critical illness struck.

Of all claims, the top five causes were:

• Cancer (67%)
• Heart attack (9%)
• Stroke (7%)
• Multiple sclerosis (2%)
• Heart valve replacement / repair (2%).

Tom Conner
Director at Drewberry

“AIG approached £100 million in Life and Critical Illness Insurance payouts in 2019, an impressive figure. It highlights that AIG is one of the major insurers responsible for helping individuals and their families up and down the country at their time of need.

“These figures of course don’t include the support on offer from AIG’s additional benefits service, Smart Health, which includes a remote GP service that has helped thousands of policyholders access the healthcare they need at a time that suits them.”