Working Paper 193: Claim inception and termination experience of Individual Income Protection policies 2017-2020

Working Paper 193 was published in September 2024. This paper describes claim inception and termination experience of individual income protection policies for the period 2017 to 2020.

Most of the results compare experience in 2017-2019 with that for 2020, which may have been affected by the COVID-19 pandemic. Analysis is also included for individual calendar years.

This is our first experience analysis since making significant changes to the inceptions exposure calculation methodology and the format of data collected from insurance companies. For the first time in a CMI income protection experience report, analysis is included by smoker status. Analysis by the typical factors for income protection is also included: sex, occupation class, deferred period, age and calendar year.

The analyses compare the experience relative to that expected based on the IP11 claim inception and termination rates. The claim inception rates have been adjusted to allow for data issues identified in the graduation dataset – see Working Paper 149 for more information.

We have also published a spreadsheet that includes the values used in the charts in the working paper.

Note: this paper and the spreadsheets are available to Authorised Users Only

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