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LV= pays out more than £6m in covid claims

Insurance firm LV= has paid out more than £6m in coronavirus-related income protection and death claims to 573  individuals and families.

According to the company, LV= received 384 coronavirus-related death claims from members totalling over £6.02m, including non-underwritten life policies. 

The highest claim value was £800,000, with the oldest claimant aged 87 and the youngest at 44.It also revealed the gender split for death claims was 71% male and 29% female.

 LV= has also paid out nearly 190 pandemic-related claims to policyholders with short waiting period Personal Sick Pay policies.

Payments totalled £64,000 with the most common claimant occupations being nurse, care assistant, carpenter, hairdresser and builder. 

It comes after insurance market Lloyd’s of London said it expected to pay out up to £5bn for coronavirus-related claims.

The Lloyd’s of London insurance market, whose results are a combination of more than 90 syndicate members, said it would pay out £2.4bn in pandemic-related claims in the first half of the year alone.

Debbie Kennedy, director of protection, LV=, said: “The financial and emotional impacts of the coronavirus and lockdown are far reaching, worrying and uncertain. I’m proud of how we’re adapting to offer reassurance and support where we can; it’s in times like these that the strengths of mutuality can come to the fore.

“Since the start of the outbreak, we have been reviewing every aspect of what we do – including flexing our underwriting and claims processes and options to best support our members, and to help people get the cover they need in place without delay”. 

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