The Covid-19 pandemic hit the industry’s reputation hard – now, the sector is scrambling to get to grips with expectation gaps and marketing in a bid to boost customer relationships
Despite insurers such as Hiscox and Allianz confirming steady payouts for Covid-linked business interruption (BI) claims, the pandemic is proving something of a lost opportunity for the industry, with much of the media focus centred on businesses battling for BI claim compensation through the courts.
If insureds, whether they are businesses or consumers, reduce their insurance cover for reasons of trust – or affordability – it could cause an increase in underinsurance that may hamper the UK’s post-pandemic recovery.
Journalist Tim Evershed explores this issue further…
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