He adds that the trade body was ‘right to be very open with people’ in order to mitigate ‘a false expectation that they may be covered’
Although trade association the ABI, as well as the insurance industry as a whole, has been “attacked for being uncaring and unfeeling” due to its stance on Covid-19-related business interruption (BI) claims, director general at the ABI Huw Evans says that the sector was “right to be very open with people” and that its tough love approach meant that policyholders didn’t harbour “a false expectation that they may be covered”.
Evans tells Insurance Times: “I do think we were right to be very open with people about what business interruption policies didn’t cover.
“It wasn’t popular the time and we got attacked for being uncaring and unfeeling, but I think it was our responsibility to tell the truth and not to allow people to have a misapprehension or a false expectation that they may be covered.”
This article is usually available exclusively to subscribers.
For a limited period, you can enjoy all the benefits of an online subscription free for 14 days. Sign up now to read this article in full and to enjoy unlimited access to premium online content, a digital edition of the latest issue, plus an online archive of back issues.
Also, as a registered user, you will be able to -