Coronavirus (COVID-19)—over £200m paid by life insurers

Coronavirus (COVID-19)—over £200m paid by life insurers

The Association of British Insurers (ABI) has published figures, stating insurers paid £202m in life insurance policies in 2020 to families of those who have died from coronavirus (COVID-19). Approximately £550,000 per day was paid. This compares to £5.6bn paid in 2019 under all types of protection policies.

• 11,198 claims were made under individual and group life insurance policies (10,205 were individual policies and 993 on group life insurance schemes)

• 96% (£128m) for individual and 99% (£73m) group policy claims have been paid. All remaining valid claims are being processed as quickly as possible

• £2.4m has been paid arising out of claims made under individual and group income protection insurance

ABI members expect to pay up to £2.5bn across all lines of business for coronavirus related insurance claims incurred in 2020.

Source: £202 million paid by insurers to help the families of those who have died due to Coronavirus

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