Insurers paid £90m over 7,000 life insurance claims to the families of people who died due to the Coronavirus pandemic between 1st March and 31st May 2020.
The figures were collected by the Association of British Insurers. This is the first time the ABI has collated death claims data arising from a single event.
The majority (6,689) claims were received under individual protection policies with 351 claims under group schemes.
The figures also include a small number of critical illness and total permanent disability claims.
Over eight in ten (83%) have been paid so far with every life insurance claim so far being accepted.
The average payout on term insurance is expected to be £63,000, with an average payout of £137,000 on group policies.
The figures came after provider LV= said it paid out £2.5m on 300 Coronavirus protection and death claims by the start of May.
Roshani Hill, the ABI’s assistant director and 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. 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.”
