Covid is continuing to drive higher claims in the group risk sector, with MetLife UK reporting its second highest quarter for group life claims.
The insurer paid out a total of almost £50m in claims in the third quarter across its three core divisions: group income protection, group life and individual protection.
Its statistics show that it has paid 12,000 claims in the first three quarters of the year, which compares to a total of just 14,000 claims for the whole of 2020, before the pandemic hit.
MetLife said it saw the joint second highest quarter for the volume of employee benefit group life claims. The insurer paid out on 378 claims totalling £38.75m. The only quarter with a higher volume of claims was Q2 2021 – shortly after the January peak, in terms of hospital admissions and Covid fatalities.
It added that over the last quarter 95 per cent of group life claims were paid within three days.
MetLife also paid out on 1,390 group income protection claims, worth £4.9 million. It said it had recorded an increase in new claims caused by long Covid and mental ill-health.
The company said it has also seen a rise in early intervention support provided on these claims.
MetLife said that it was also the second highest quarter for individual protection claims: with 4,025 claims paid totalling £3.4 million.
