Context
As part of the ongoing work in respect of the Covid-19 non-damage business interruption (BI) insurance claims test case, the FCA has published insurer claims data which was collected as part of its review of the ongoing status and consistency of BI claims handling.
Key Points
- The data comprises:
- BI claims where the insurer has received all the information required to enable it to calculate the total value of the claim
- BI claims for Covid-19 related loss that have been accepted
- BI claims where the insurer’s decision as to whether there is a valid claim is pending
- Unsettled BI claims where an interim/initial payment has been made to the policyholder or their representative
- BI claims where an offer of final settlement has been made, accepted by the policyholder, and paid in full
- The FCA noted some inconsistencies in reporting and the identification of policies that should respond to the Covid-19 pandemic and the FCA intends to continue to work with insurers to improve this.
Next actions
None – for information only