Royal London supports customers through Covid-19 with £13.1m paid in claims

Craig Paterson, Chief Underwriter at Royal London, comments on the announcement that insurers paid out £202 million to families of people who died in 2020 due to coronavirus.

Craig Paterson, Chief Underwriter at Royal London said:

Despite 2020 being an unpredictable year, we continued to pay claims promptly and support our customers. The pandemic has shown the importance of having protection in place and we have paid £13.1 million in Covid-19 related claims. We also continue to offer support through our Helping Hand service which provides customers and their families with access to a dedicated nurse who is able to give tailored and personal support to get them through a difficult time, including coping with ‘Long-Covid’ symptoms.

Notes to Editors

Background

Royal London’s claims statistics shows:

  1. The majority of the claims were death claims. 2,049 claims were paid out on Whole of Life policies and 61 on Term Life policies with a total pay-out of £13 million.
  2. One Critical Illness claim was paid for Covid-19 leading to a period of intensive care with a sum assured of £50,000.
  3. Seven Income Protection claims were paid to customers where Covid-19 led to their absence from work, with an annual pay-out totalling £46,000.

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The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.