It’s been more than a year since the Supreme Court handed down its 112-page long ruling in the UK business interruption (BI) test case appeal, and insurers are still making payments.
According to the Financial Conduct Authority (FCA), below are the latest claims numbers based on the data collected by the regulator as of February 07.
|
Firm name |
Number of BI claims for COVID-19 related loss that have been accepted |
Number of BI claims where the insurer’s claim validity decision is pending |
Number of BI claims where an initial or interim payment has been made |
Number of BI claims where full payment has been made |
|
Accredited Insurance (Europe) Ltd |
24 |
22 |
5 |
12 |
|
Ageas Insurance Limited |
42 |
31 |
1 |
42 |
|
Aioi Nissay Dowa Insurance UK Limited |
12 |
0 |
0 |
2 |
|
Allianz Global Corporate & Specialty SE |
6 |
0 |
1 |
5 |
|
Allianz Insurance plc |
2287 |
23 |
160 |
2040 |
|
Arch Insurance (UK) Ltd |
1238 |
18 |
1 |
989 |
|
Argenta Syndicate Management Limited |
1127 |
2 |
3 |
1124 |
|
ArgoGlobal SE |
267 |
0 |
26 |
146 |
|
Aspen Insurance UK Limited |
6 |
6 |
2 |
1 |
|
Asta Managing Agency Ltd |
16 |
9 |
0 |
16 |
|
Aviva Insurance Limited |
2046 |
84 |
106 |
1529 |
|
AXA Insurance UK plc |
2419 |
78 |
476 |
1745 |
|
AXIS Managing Agency Limited |
3417 |
114 |
134 |
2858 |
|
AXIS Specialty Europe SE |
465 |
74 |
6 |
398 |
|
Beazley Furlonge Limited |
75 |
0 |
0 |
72 |
|
Brit Syndicate Limited |
32 |
1 |
0 |
26 |
|
Canopius Managing Agents Limited |
1229 |
13 |
236 |
782 |
|
Catlin Underwriting Agencies Ltd |
59 |
8 |
1 |
46 |
|
China Taiping Insurance (UK) Co Limited |
304 |
24 |
0 |
160 |
|
Chubb European Group SE |
55 |
1 |
3 |
30 |
|
Covea Insurance plc |
2800 |
75 |
30 |
2676 |
|
Coverys Managing Agency Ltd |
436 |
59 |
31 |
453 |
|
Ecclesiastical Insurance Office Plc |
35 |
0 |
6 |
21 |
|
ERGO Versicherung Aktiengesellschaft |
276 |
92 |
9 |
261 |
|
Fairmead Insurance Limited |
955 |
2 |
0 |
948 |
|
Faraday Underwriting Limited |
52 |
5 |
1 |
46 |
|
Great Lakes Insurance SE |
15 |
17 |
3 |
12 |
|
HCC International Insurance Company Plc |
6 |
7 |
0 |
3 |
|
HDI Global SE |
117 |
0 |
0 |
31 |
|
HDI Global Specialty SE |
754 |
95 |
256 |
283 |
|
Hiscox Insurance Company Ltd |
11109 |
1130 |
966 |
5967 |
|
Hiscox Syndicates Ltd |
85 |
11 |
1 |
85 |
|
Liberty Mutual Insurance Europe SE |
61 |
0 |
0 |
57 |
|
Markel International Insurance Company Limited |
883 |
61 |
46 |
767 |
|
Mitsui Sumitomo Insurance Company (Europe) Ltd |
0 |
1 |
0 |
0 |
|
MS Amlin Insurance SE |
483 |
0 |
26 |
269 |
|
MS Amlin Underwriting Limited |
2623 |
0 |
159 |
1920 |
|
Navigators Underwriting Agency Limited |
0 |
0 |
0 |
0 |
|
Probitas Managing Agency Limited |
0 |
5 |
0 |
0 |
|
QBE Europe SA/NV (UK Branch) |
54 |
0 |
0 |
4 |
|
QBE UK Limited |
2352 |
0 |
80 |
1343 |
|
QIC Europe Limited |
510 |
1 |
56 |
367 |
|
Royal & Sun Alliance Insurance Ltd |
1951 |
37 |
122 |
1592 |
|
Swiss Re International SE – UK Branch |
0 |
4 |
0 |
0 |
|
The Channel Managing Agency Limited |
12 |
1 |
0 |
12 |
|
The New India Assurance Company Limited |
917 |
227 |
31 |
537 |
|
Travelers Syndicate Management Limited |
7 |
3 |
0 |
2 |
|
XL Catlin Insurance Company UK Limited |
528 |
28 |
7 |
427 |
|
XL Insurance Company SE |
55 |
1 |
0 |
34 |
|
Zurich Insurance |
105 |
47 |
38 |
36 |
For the 3,029 unsettled claims, the FCA said the aggregate value of the interim or initial payments made stood at £307,867,384. Meanwhile, 30,176 claims have been finalised, with the aggregate value of the final settlements amounting to £1,006,918,766.
It was noted that more than 9,000 claims have not received either an interim or final payment.
“We remind firms of the need to handle claims promptly and fairly and to provide reasonable guidance to help a policyholder to make a claim,” stated the regulator.
“Any BI policyholders who believe they may have a claim but have not yet submitted this to their insurer should do so as soon as possible in accordance with the policy document. Policyholders may also find it useful to refer to our policy checker and our guidance and statements for policyholders for more information.”
