Do Insurers Pay Out?

By Cliff

In July Aviva released its first UK insurance claims report, showing that 96% of all claims were accepted in 2017. It is urging UK insurance companies to explain how insurance claims work and debunk the myth that insurers don’t pay out.

For example, Aviva’s insurance consumer research showed that 55% of the people surveyed believed that their insurers would try to avoid paying insurance claims. They also thought the average payment would be only 52% of a claim.

Aviva published some interesting insurance claim facts. In 2017 Aviva:

  1. paid out £10 million a day, or £7,000 every minute, in insurance cash settlements and services
  2. could almost fill up every lane of the M25 with the cars repaired through their insurance claims
  3. replaced enough carpet through home insurance claims to cover 11 football pitches.

Andy Briggs, Chief Executive Officer at Aviva UK Insurance, commented: “Across the industry we know that insurance is a reliable and critical way of providing financial protection when things go wrong, whether it involves a family member, a personal possession or a business. In the vast majority of cases, insurance claims are accepted and there are additional and very important support services that help customers get back on their feet.”

Last year Aviva settled 95.2% of home insurance claims. Common reasons for insurance claims being declined (within the remaining 3.8%) were lack of additional cover on standard policies, e.g. options to extend insurance to cover accidental damage to belongings outside the home, or damp or dry rot in a building.

Having combed through the facts Aviva provided, the overwhelming message is that insurers do pay out, but some people miss out through not understanding their policy or holding back information. Insurance can be complicated, so if you need assistance we’d be happy to advise you.

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