| Link(s): £202 million paid by insurers to help the families of those who have died due to Coronavirus |
Context
The ABI has published information setting out the amounts paid out by insurers in relation to coronavirus deaths.
Key points to note
- Insurers paid out £202 million – the equivalent of £553,000 every day – to support the families of people who tragically died due to COVID-19 in 2020 according to figures issued by the ABI.
- Pay-outs included £250,000 made the day after notification of death, and a £1 million payment to dependants.
- This is the first time that ABI has collected life insurance pay-outs arising from a single event, reflecting the unprecedented pandemic.
- These figures compare to the £5.8 billion paid out for all protection claims in the previous year, 2019.
Next actions
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