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BI test case claims: How much has been paid out so far?

By 17/02/2022No Comments
BI test case claims: How much has been paid out so far?

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.”

Source

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