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Irish Life pays out €218 million in claims in total for 2014

Thursday, February 12, 2015

Ireland’s leading life insurance company*, Irish Life, today revealed its annual claims report having paid out over €218 million in total across its Retail and Corporate business divisions in 2014. The data, which once again provides a valuable insight into the health of the nation, includes analysis of the illnesses and conditions that led to payments for almost 2,500 Life Insurance and Specified Illness Cover claims for Irish Life’s Retail Division in 2014.

The analysis of that claims book reports that €109 million was paid out for 1,663 Life Insurance claims and a further €50.4 million for 805 Specified Illness Cover claims. The average payment was €66,023 in respect of Life Insurance claims and €62,615 for Specified Illness Cover claims although the figures show wide variations in the size of claims settled. Commenting on the data Gerry Hassett, Managing Director, Irish Life’s Retail business said: “The scale of the claims paid in 2014 shows once again it is crucially important for people – parents in particular – to protect the financial well-being of themselves and their families.

Our research has found that over 90% of parents say that they would do anything to safeguard their family’s future but less than half of them say.