Dentists’ Provident’s claims report for 2022 released today shows that 99.1% of new claims received a payment, compared to 98.9% in 2021.
In 2022, Dentists’ Provident paid out £5.6m to members and received nearly 60% more new claims compared to the previous year, their latest figures show.
Underpinning the increase has been a rise in Covid-19 claims, although of a shorter average duration than in previous years.
A recent survey from the Financial Conduct Authority (FCA) shows there has been a significant increase in UK adults with low financial resilience. This includes people who do not think they would be able to withstand losing their main source of household income for even a week.
‘Our 2022 claims experience shows how important immediate cover is. Last year we saw an almost 60% increase in people making a claim compared to the previous year, most of this was due to Covid-19 claims,’ says Farrukh Mirza, CEO of Dentists’ Provident.
‘Thankfully for our members, the vast majority of infections have been less severe, and of a much shorter duration than previous years.’
Simon Elliott, chief risk officer adds: ‘We take pride in our personalised and thorough underwriting, giving members confidence they have a dependable income protection plan that works for them.
‘In 2022 we have had one of the highest level of claims paid but without a corresponding increase in complaints. It is easy to attribute our success solely to our people and our processes but none of this would be possible without our members, who have been incredible.’
Reasons to claim
The largest amount paid to an individual claimant was £62,430 and whilst the majority of the claims paid were to those aged 46 to 55 years old, the youngest claimant was a 27-year-old dentist.
The report also shows that musculoskeletal disorders (23%), psychiatric disorders (12%) and accidents (12%) continued to remain as other significant reasons for claims.
‘The dental profession has shown incredible resilience since the start of the pandemic, continuing to work tirelessly within their communities,’ adds Farrukh Mirza.
‘With all the personal, professional and financial challenges of the last few years, we have tried to be one of the few things in their lives that is reliable and consistent by being flexible, approachable and supportive.’
Importance of protection
The Financial Lives 2022 Survey also found that 60% of all UK adults are finding it a heavy or somewhat heavy burden to keep up with their bills.
With all the economic uncertainty and ongoing costs of living challenges – protecting your most important asset – you, and your ability to work and earn an income, is of more importance than ever.
Yet only 6% of adults in the UK hold income protection.
What is income protection insurance
If you cannot work because of an illness or injury, your income protection insurance plan helps you maintain your lifestyle without depleting your savings, relying on your family or the welfare state for financial support, by giving you a regular benefit to help replace the income you lose.
Income protection insurance helps you rest easier knowing you have an important safeguard in place – if the worst should happen and an illness or injury means giving up on your career of choice and starting all over again.
As a member-owned and led mutual, Dentists’ Provident’s sole objective for more than 110 years has been helping dental professionals achieve financial security during periods of illness or injury.
For the full ‘2022 Claim statistics’ report visit www.dentistsprovident.co.uk/media/1815/claims-stats-2022.pdf.
To find out more about Dentists’ Provident or get a quote visit www.dentistsprovident.co.uk.
Alternatively, contact Dentists’ Provident member services consultants by calling 020 7400 5710 or email [email protected].
