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Holloway Friendly pays out £2.4m in IP benefits

Last year saw a 71% increase in claims for mental health issues

Holloway Friendly paid out £2.4m in income protection (IP) benefits in 2019 – an increase of 60% from the previous year.

The IP provider paid 94% of claims and said it is working with advisers to reduce the number of declined claims going forward.

“By working closely with advisers we can improve application quality, reduce non-disclosure and increase members’ understanding of their income protection plans. These will all help to improve claims being accepted and move us towards achieving 100% claims paid,” said Stuart Tragheim, Holloway’s chief executive.

A total of 43 claims were not paid in 2019, of which 25 were declined because of non-disclosure.

The main causes of claim last year were accident and injury (36%), musculoskeletal (23%), mental health (12%), surgical procedures (6%) and viral illness (5%).

Holloway saw a 71% increase in claims for mental health issues.

Earlier this month the provider launched a personalised underwriting approach to mental health, which it hopes will result in more people with existing mental health conditions being able to access IP.