Final settlements for business interruption claims related to the COVID-19 pandemic in the UK have reached £766.6 million ($1.4 billion), the Financial Conduct Authority (FCA) says in its monthly update.

The total value of interim/initial payments made in the case of 4403 claims that are yet to be finalised is £329.4 million ($609.4 million).

The update shows that 28,866 policyholders out of the 42,222 who have had claims accepted, have received at least an interim payment.

FCA is monitoring the payments in the wake of the Supreme Court test case appeal decision handed down on January 15 that went significantly in favour of policyholders.

The regulator has previously urged insurers to pay valid claims in full as soon as possible to support customers.