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According to the Association of British Insurers (ABI), insurers have paid out £90 million so far to cover coronavirus deaths.
In total, between March 1st and May 31st 2020, Life Insurance companies paid 7,000 claims for COVID-19 deaths. At the peak of the pandemic, insurers paid £980,000 every day for deaths caused by coronavirus.
Insurers paid the vast majority of these claims (6,689) under individual protection policies, with a further 351 paid under group schemes. (Note that both figures also includes a small number of Critical Illness and Total Permanent Disability claims.)
Roshani Hill, the ABI’s Assistant Director, Head of Protection and Health said:
“Every COVID-19 death is a tragedy. 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.”
Despite the persistent myth that insurers ‘never pay out’, it’s clear to see this is unfounded. Insurers do pay out — even when faced with a threat unprecedented in modern times such as coronavirus.
We’re proud of how our industry has pulled together during this crisis, albeit under such terrible circumstances.
One of our group clients sadly had to make a claim on their Group Life Insurance policy due to coronavirus.
While devastating for the families involved, and no payout can ever bring back a loved one, it’s still positive to know insurers are there for clients exactly when they need it the most.
Tom Conner
Director at Drewberry
