UK life insurers pay 90m stg in Covid-19 claims - trade body

British life insurers paid 90 million pounds in claims related to deaths from the COVID-19 pandemic in the three months to end-May, the Association of British Insurers said on Thursday.

Insurers received 7,000 life insurance claims from families of people who died from COVID-19 and 83% have been paid so far, the ABI said in a statement. Every life insurance claim has been accepted, it said. The average payout is expected to be 63,000 pounds for an individual policy and 137,000 for a group policy.Although they are paying life insurance claims, worsening life expectancy will mean pensions, often the bulk of their business, are paid for a shorter period, industry sources say.

The ABI has said it expected its members to pay 1.2 billion pounds in pandemic-related claims this year, in sectors such as business interruption and event cancellation. Industry sources say that figure could reach billions if the Financial Conduct Authority wins a test case against insurers over business interruption policy wordings. A decision is expected in mid-September.

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