Around £90m – the equivalent of £980,000 every day – was paid out by protection insurers to support the families of individuals who died during the spike in the COVID-19 pandemic.
Between 1 March and 31 May this year, 6,689 claims were received under individual protection policies, with 351 claims under group schemes, according to data from the Association of British Insurers (ABI).
An ABI spokesman said the “vast majority” of those claims – 83% – have been paid so far.
The spokesman said that across life insurance claims, these figures show that every one has so far been accepted.
Roshani Hill, the ABI’s Assistant Director, Head of Protection and Health, added that while “no amount of money” can ever replace a life, insurers have been doing “all that they can” to help families cope financially through these “unprecedented and distressing” times.
She said: “We know that coronavirus has long-lasting impacts, and protection insurers will continue to support families hit by this tragedy.
“No one knows what is round the corner, which is why protecting yourself and your family against the worst is vitally important.”