The figures underline the critical role of protection insurance in providing financial stability during periods of personal crisis. Individual life insurance, income protection and critical illness policies accounted for £5.32 billion of the total—up 10% on 2023. Notably, this increase came despite the number of individual claims holding steady at 275,000, suggesting that the average claim size has risen sharply. The average individual payout climbed by 10% year-on-year, reaching £18,700.
