Nothing will make up for the oss of a loved one, but if you add up how much someone would earn over the rest of their working life and then calculate what the lump sum would be to generate that amount per month, its a pretty big sum, and that's just the baseline. All the things that a partner and children might have relied on that person to do must now be sourced elsewhere and paid for or done without. Things like assistance with decorating, minor DIY and other house chores, odd bits of childcare, sharing the driving when going on holiday.
I don't support ambulance chasing or the blame culture but there has to be some compensatory support. I also support the notion of punitive damages in appropriate cases and also think that this should go to the bereaved family or individual to do with as they wish.