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FCA releases BI test case insurer claims update

By 15/10/2021No Comments
FCA releases BI test case insurer claims update

The Financial Conduct Authority (FCA) has published its October update on the claims data from insurers affected by the ruling in the business interruption (BI) test case in the UK.

According to the FCA, there are still 4,403 claims being settled, for which an aggregate value of £329,368,933 in interim or initial payments have been made. Final settlements, meanwhile, have been agreed and paid in 24,463 claims, to the tune of £766,598,035.

Broken down, here are the claims numbers per insurer:

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

12

79

3

3

Ageas Insurance Limited

34

41

4

34

Aioi Nissay Dowa Insurance UK Limited

12

0

0

2

Allianz Global Corporate & Specialty SE

6

0

1

5

Allianz Insurance plc

2314

19

181

1977

Arch Insurance (UK) Ltd

1242

56

1

889

Argenta Syndicate Management Limited

1095

58

32

1035

ArgoGlobal SE

341

0

24

77

Aspen Insurance UK Limited

6

6

0

0

Asta Managing Agency Ltd

13

12

0

13

Aviva Insurance Limited

1880

193

123

1180

AXA Insurance UK plc

3131

90

511

1567

AXIS Managing Agency Limited

3349

257

73

2837

AXIS Specialty Europe SE

455

108

6

372

Beazley Furlonge Limited

79

0

2

73

Brit Syndicate Limited

31

0

0

16

Canopius Managing Agents Limited

1371

15

447

538

Catlin Underwriting Agencies Ltd

55

45

7

30

China Taiping Insurance (UK) Co Limited

266

81

8

106

Chubb European Group SE

65

0

9

19

Covea Insurance plc

2778

113

42

2605

Coverys Managing Agency Ltd

426

86

58

354

Ecclesiastical Insurance Office Plc

37

0

6

15

ERGO Versicherung Aktiengesellschaft

230

189

2

214

Fairmead Insurance Limited

946

3

0

932

Faraday Underwriting Limited

51

7

3

35

Great Lakes Insurance SE

10

10

2

10

HCC International Insurance Company Plc

5

9

0

1

HDI Global SE

102

40

0

11

HDI Global Specialty SE

685

316

342

85

Hiscox Insurance Company Ltd

9963

2215

1790

3363

Hiscox Syndicates Ltd

76

32

1

73

Liberty Mutual Insurance Europe SE

61

0

0

57

Markel International Insurance Company Limited

856

107

65

688

Mitsui Sumitomo Insurance Company (Europe) Ltd

0

1

0

0

MS Amlin Insurance SE

596

0

18

182

MS Amlin Underwriting Limited

3043

0

232

1418

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

3

QBE UK Limited

2375

0

103

1123

QIC Europe Limited

546

0

54

293

Royal & Sun Alliance Insurance Ltd

2011

58

170

1371

Swiss Re International SE – UK Branch

0

6

0

0

The Channel Managing Agency Limited

7

12

0

8

The New India Assurance Company Limited

905

251

41

421

Travelers Syndicate Management Limited

5

6

0

0

XL Catlin Insurance Company UK Limited

533

36

10

383

XL Insurance Company SE

74

1

1

28

Zurich Insurance

102

52

34

20

“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,” added the regulator.

“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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