Business interruption settlements following a UK test case have reached £636.8 million ($1.2 billion) as the number of accepted claims related to the COVID-19 pandemic continues to rise, Financial Conduct Authority (FCA) monthly data shows.

The FCA says final settlements have been paid for 21,198 claims, while £331.3 million ($625.2 million) in initial or interim payments have been made for 5040 claims.

The number of claims accepted has risen to 41,666, as of August 5, up from 40,531 a month earlier. Of the total, around 63% of policyholders have received some payment.

The Supreme Court handed down its appeal decision on January 15, concluding the test case brought last year by the FCA over business interruption cover during the pandemic.

Company level information collected by the FCA from more than 40 insurers, as part of monthly data reporting, shows QBE has paid out 935 claims in full.