And that insurers have not been helpful in paying business interruption claims
More than three quarters of brokers attending an Insurance Times webinar ’Brokers and coronavirus: What is the new normal?’ believe that the insurance industry’s reputation has been badly damaged by the Covid-19 pandemic.
Some 24% of those surveyed said the industry had been very badly damaged, while 53% said it had been badly damaged.
Worryingly, less than 1% said the reputation of insurance had not been damaged at all by the crisis.
Business interruption (BI) claims have been at the forefront of the industry’s response to the outbreak, with several brokers, businesses and trade organisations uniting to take action against insurers refusing to pay what they believe are legitimate claims, with reports of some even being agreed and then withdrawn by insurers.
And some 81% brokers surveyed on the webinar said that either many or a fair proportion of their clients had been struggling to get BI claims paid, while just 2% said barely any of their clients had struggled in receiving settlement, and that insurers have been helpful in sorting out BI claims.