Protection insurers paid record £4.7bn in 2016

97.3% of all protection insurance claims were paid out, and over 98% of life insurance claims paid out at an average value of £75,000.

Critical illness claims hit 15,464 with 92.2% of claims paid out at an average value of almost £68,000.

ABI Assistant Director, Head of Health and Protection, Raluca Boroianu‑Omura, said: “The fact that protection insurance products pays out £13m a day shows how they can help to relieve the financial strain on families following a death, serious illness or injury. Insurers deliver on their promise to help individuals and households during a time of great distress, as demonstrated by the fact that over 97% of all protection claims were paid in 2016.

“Serious illness or injury can occur at any time and will inevitably cause strain on families financially, as well as personally. Products such as income protection, life insurance and critical illness cover improve the financial resilience of individuals, households and businesses and give peace of mind.