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UK regulator criticizes insurers for handling Covid-related claims

Some insurers have ‘failed’ to meet regulatory requirements when processing coronavirus-related business interruption claims, but others have consistently failed, UK financial watchdog says Agency warns.

of Financial Conduct Authority On Tuesday, it said it would use “all regulatory tools” to remedy “significant problems” encountered in analyzing how companies handle such claims.

Business interruption claims have proven to be a highly controversial area for insurers since the coronavirus lockdown began in March 2020.

many Insurance company It has evolved into a lawsuit aimed at challenging the extent of the company’s alleged losses and settling the extent of its liability.

The FCA has submitted test cases to clarify the meaning of certain insurance terms. The result was a Supreme Court ruling in January last year aimed at expediting decisions on thousands of claims by small businesses. More cases need to be handled.

Tuesday’s statement highlighted several cases in which insurers handled cases poorly, including making interim payments based on incomplete information and issuing statements to help policyholders. Did.

However, officials said some companies lacked clear information to enable senior management to identify the cause of payment delays.

Claims processors sometimes did not have easy access to policy language. The agency also criticized communications from some companies with policyholders.

“We expect all regulated companies to conduct their business in accordance with our rules and regulatory requirements,” the agency said. “From our work with BI claims processing, it is clear that some companies do not, or consistently do not, meet these requirements.”

Officials added that they encouraged companies to review their processes.

https://www.ft.com/content/e0577fb9-528f-44dd-a87c-6479a9de3982 UK regulator criticizes insurers for handling Covid-related claims

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