'Look beyond the bare statistics and ask why differentials exist'.
CIExpert director analyses the various elements that inform how useful critical illness claims statistics are for advisers.
Each year insurers reveal their protection claim stats and the area where protection advisers forensically pore over the figures is for critical illness claims. Back in 2004 declinature rates were over 25% and we have come a long way since those Panorama exposé days. Many advisers will use the claims figures to help determine which insurers to use, therefore it is imperative that they understand the potential for misinformation that exists.