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FCA says insurers ‘have been adopting an unduly narrow approach’ for Covid BI claims

By 2020-07-14T09:27:00

narrow alley

The regulator plans on using its test case to ensure business interruption claims are considered without the ‘inappropriate roadblocks that insurers have put in policyholders’ way’

The FCA yesterday (13 July) published its skeleton argument against insurers ahead of its test case hearing exploring the clarity of business interruption policy wordings in relation to claims made because of the Covid-19 pandemic.

In the 322-page document, the FCA said that insurers “have been adopting an unduly narrow approach” and have been “misguided” in how they establish claim causation; the FCA berated the fact that the individual merits of each claim are not even considered when insurers are deciding whether policyholders are covered or not.

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