The Office for National Statistics (ONS), has released official figures and have recorded that the UK’s death rate has risen since the Coronavirus Pandemic began in the UK mid-March 2020.
14,573 deaths were recorded the week ending 15 May 2020, which is 4,385 more than average for that week. And even more than the recorded deaths the previous week of 3,081.
Over the 9-week coronavirus outbreak the number of deaths due to COVID-19, in England, Wales, Scotland and Northern Ireland reached 59,359.
We expect Covid-19 to significantly increase the number of claims on life insurance policies. If there are just a quarter of those with life insurance cover or death in service benefits at work, that could be an increase of at least another 15,000 death insurance claims so far, in just 10 weeks.
A reality check for us all. Stay stay safe out there.
Impact on financial services: Given increased death and sickness rates, insurers will be paying out more claims than anticipated and therefor, we expect life insurance, critical illness and income protection/sickness insurance premium rates to soar.