The Association of British Insurers (ABI) said that UK life insurers have paid £90m ($117.18m) in life insurance claims related to Covid-19.
The insurers received 7,000 claims during the peak of the pandemic, between 1 March and 31 May.
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According to the trade body, while 6,689 claims were received under individual protection policies,351 were filed under group schemes.
The insurers have paid 83% of the claims so far with £90m.
This equates to 77 claims worth £980,000 on a daily basis, ABI noted.
The trade body expects the average payout to be £63,000 in case of term insurance and £137,000 for group policies.
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By GlobalDataABI assistant director and Protection and Health head Roshani Hill 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.”
Meanwhile, the UK insurers have been supporting many initiatives that are helping some of the people hardest hit by the pandemic.
According to ABI, the Covid-19 Support Fund, launched in May, has received commitments of £83.9m from firms across the sector as voluntary contribution.
