New Ireland have paid out over €480 million to its customers in the past 5 years. Claims were made in the period from January 2010 to Decemebr 2014.
In a statement from New Ireland they pride themselves on this record;
‘ We are extremely proud of our claims history in the Irish Market. We really care about customer claims as they demonstrate our commitment to meeting our customers’ financial protection needs when they need it most’.
Who is making claims and why?
A breakdown of 2014 statistics highlights the largest emerging demographics and reasons for those making a claim.
- Main Causes of Claims: approximately 76% of (individual) serious illness claims and 66% of (individual) life cover claims were for cancer and heart related illnesses.
- Early Claims: 46% of (individual) life cover claims arose from policies less than 10 years old.
- Young Claimants:27yrs was the age of the youngest serious illness claimant, 26yrs* was the age of the youngest life cover claimant, and 24yrs was the age of the youngest income protection claimant.
- Male versus Female: 77% of income protection claimants were female.
* This statistic excludes any children’s deaths.
The figures above are based on New Ireland Assurance’s claims experience in 2014.