Insurers fail to honor BI claims despite test case ruling
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Data from the U.K.’s Financial Conduct Authority shows that some of the major insurers have not paid any COVID-19 pandemic-related business interruption claims despite the U.K. Supreme Court’s BI test case ruling in the favor of policyholders, Reinsurance News reported. MS Amlin Insurance SE and MS Amlin Underwriting Ltd., which share almost 4,000 pending BI claims between them, did not accept or pay any BI claims until Feb. 22, while Hiscox Ltd. made payouts for only 24 of the 4,239 claims it has received.
