The Financial Conduct Authority has said the latest monthly data up to 8th November shows that insurers have settled a total of 25,898 BI claims, up from the previous month’s running total of 24,466, at a cost of around £872m.

According to the FCA, the aggregate total of interim/initial payments made against 4,136 unsettled claims was £312m.

The regulator said a total of 42,616 policyholders had had their claims accepted, highlighting the fact that thousands of firms were still waiting for their claims to be resolved.

It added: “We remind firms of the need to handle claims promptly and fairly and to provide reasonable guidance to help a policyholder to make a claim.”

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