We were wondering recently about the impact that COVID has had on claims within the life assurance sector, and so we decided to do a bit of investigation by examining Irish Life’s (the leading provider of protection products in Ireland) claims data for 2020. While we have written in previous years about claims data, we were particularly eager to see the data for 2020, in order to see the impact that COVID had on the figures. There were 2 main headlines for us in the numbers,
- There was a reduction in the numbers of claims notified & paid during 2020 vs 2019.
- COVID related death claims accounted for 4% of Irish Life’s death claims paid in 2020.