A survey found a significant number of companies would not bother buying such cover in the future
Thousands of companies could stop buying business interruption in the wake of insurers refusing cover to those hit by Covid-19.
A survey conducted by McKinsey found that a third of the 500 business quizzed were not intending to buy such policies in the future, the Financial Times reported.
Insurers are embroiled in a battle with some customers suffering losses due to the coronavirus pandemic, with the latter expecting their business interruption policies would pay out.
However, insurers are falling back on vague policy wordings which they say exclude payouts for such events, which business interruption policies were never intended to cover.
This has led to action groups being set up with the aim of challenging these decisions legally.
Read more…Coronavirus: Rejected BI claims divide the industry while threatening to eliminate UK SMEs
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