We do not believe that these figures provide a meaningful comparison for claims acceptance for several reasons, but predominantly because insurers appear to interpret the FCA definitions for claims acceptance differently.'Īn Ageas spokesperson said the its data 'includes all calls even if a customer has contacted us to check whether they have cover, or called in error to talk about a policy they hold with another insurer. This is a perennial issue in home insurance, which can have 20,000 pages in a policy document."Ī spokesman for AA Underwriting said: 'The AA Underwriting Insurance Company will always accept and pay claims where the customer is covered, and our acceptance levels aligns with larger home insurers. James Daley, of campaign group Fairer Finance, said: "I think customers do not understand what they are buying. Insurance experts say that claims walkout is a sign of a big problem in the insurance world, as a customer has had to contact an insurer to see if they are covered for something - but they should have known in the first place. Greenwood Insurance (95-100% of claims settled).Haven Insurance Company (95-100% of claims settled).Hiscox Insurance Company (95-100% of claims settled).Tokio Marine Kiln Syndicates (95-100% of claims settled).UK Insurance (95-100% of claims settled).Lloyds Bank General Insurance (60-65% of claims settled).AA Underwriting Insurance (60-65% of claims settled).Qmetric Group (55-60% of claims settled).Ageas Insurance (55-60% of claims settled).The home insurers that pay out on the fewest claims are: By contrast, some, such as Haven Insurance and Hiscox, pay out almost 100%. Some of the UK's best-known insurance companies feature on the list of firms with the highest rejection rate, including AA and Lloyds. First is buildings cover, which pays out if a physical property is damaged, and second is contents insurance, which covers the items inside it. Home insurance is meant to protect both properties and possessions. Read more: Woman heartbroken after losing mum's ashes in blaze which destroyed club and her home Insurance firms say that that the 23% figure of denied home insurance claims is more complicated than it first appears as they also include customers who contact their insurer to ask if something is covered under their insurance, but end up not claiming, a scenario known as 'claims walkout'. By contrast around 99% of car insurance claims are accepted by insurers, according to FCA figures. One in four claims on average are rejected, but insurers argue the real figure is lower than this as customers do not understand what their insurance covers. Some of the UK's biggest insurance companies are only paying out on around half of all claims, figures from the Financial Conduct Authority reveal.
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