By now, we all know that car insurance claims have dropped amid lockdown with fewer motorists on the road – but now we can add another type of insurance claim to the list of those reducing in numbers.
According to Aegon, critical illness insurance policies saw 37% less claims during May this year compared to the same period last year – in sharp contrast to life insurance claims, which saw an increase in both April and May compared to the same period last year.
In a new release from the firm, it outlined that cancer claims accounted for 60% of its critical illness (CI) claims last year and have remained the key cause for claims through lockdown. In fact, the company has only received two coronavirus-related critical illness claims to-date.
“The impact of lockdown can be clearly seen in the volume of CI claims and it’s worrying,” said head of underwriting and claims at Aegon UK, Simon Jacobs.
“People being mindful of burdening the NHS, might have delayed a GP visit or might have missed early detection due to limited screenings for things like breast and bowel cancer.
“As NHS services resume and lockdown loosens, we might expect to see a steady increase in claims over the coming months. Early detection is important when it comes to cancer and treatment options so we would urge those who have a health concern to seek medical advice as soon as they can.”
Meanwhile, life insurance claims skyrocketed 83% from April last year, while May claims were up by 58%. Sadly, around 31% of the claims received across the two months were related to COVID-19.
“An increase in life claims is expected during a global health crisis of this scale,” added Jacobs. “However, the rise was slightly countered by the impact of lockdown life. With more people staying in and staying safe, there was a reduced risk of deaths caused by road traffic accidents for example.”
