Friday, 9 October 2009

Claims - It could be you

For a bit of light reading, I was just reading over Irish Life's claims statistics for 2008. An insurance company's claim-paying record is hugely important.

In 2008 Irish Life paid out over €220 million in claims, broken down roughly as follows: -

• More than €134 million in life cover claims to over 2000 families
• More than €34 million in Specified Illness claims; and
• More than €52 million to over 3,000 Income Protection claimants

Considering that this is one company, albeit the largest in the country, these are sobering statistics. No doubt each claimant thought they would never need the cover when they took it out.


Gerard said...

€67,000 is the average payout on the Life Insurance claims. It's 'something', but not nearly enough IMHO. Wonder how that compares to international standards?

Liam D. Ferguson said...

True, and like any average that means many were below the €67,000, which is a bit scary.

Need of income protection quote said...

I agree with Gerard, even it is very complicated issue.