BI test case claims payments now at over £1.2 billion

FCA publishes December update

BI test case claims payments now at over £1.2 billion

Insurance News

By Terry Gangcuangco

It’s that time of the month again when the Financial Conduct Authority (FCA) releases the information it has gathered from providers impacted by the business interruption test case in the UK.

According to the regulator’s December update, below are the latest claims numbers.

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

15

38

4

7

Ageas Insurance Limited

40

44

2

40

Aioi Nissay Dowa Insurance UK Limited

12

0

0

2

Allianz Global Corporate & Specialty SE

6

0

1

5

Allianz Insurance plc

2298

20

171

2019

Arch Insurance (UK) Ltd

1289

16

1

942

Argenta Syndicate Management Limited

1119

9

1

1111

ArgoGlobal SE

296

0

28

105

Aspen Insurance UK Limited

6

6

2

1

Asta Managing Agency Ltd

15

10

0

15

Aviva Insurance Limited

2021

82

116

1423

AXA Insurance UK plc

3123

88

499

1663

AXIS Managing Agency Limited

3350

160

91

2846

AXIS Specialty Europe SE

460

89

9

384

Beazley Furlonge Limited

75

0

1

67

Brit Syndicate Limited

31

0

0

25

Canopius Managing Agents Limited

1330

8

358

667

Catlin Underwriting Agencies Ltd

56

20

2

36

China Taiping Insurance (UK) Co Limited

272

56

8

134

Chubb European Group SE

61

0

6

22

Covea Insurance plc

2772

82

29

2713

Coverys Managing Agency Ltd

433

76

39

419

Ecclesiastical Insurance Office Plc

35

0

7

15

ERGO Versicherung Aktiengesellschaft

268

122

11

243

Fairmead Insurance Limited

952

7

0

948

Faraday Underwriting Limited

52

5

1

43

Great Lakes Insurance SE

13

21

2

11

HCC International Insurance Company Plc

6

7

0

2

HDI Global SE

107

37

0

14

HDI Global Specialty SE

680

194

306

183

Hiscox Insurance Company Ltd

10764

1520

1279

4686

Hiscox Syndicates Ltd

81

15

1

80

Liberty Mutual Insurance Europe SE

61

0

0

57

Markel International Insurance Company Limited

876

93

45

734

Mitsui Sumitomo Insurance Company (Europe) Ltd

0

1

0

0

MS Amlin Insurance SE

501

0

22

225

MS Amlin Underwriting Limited

2703

0

240

1714

Navigators Underwriting Agency Limited

0

0

0

0

Probitas Managing Agency Limited

0

5

0

0

QBE Europe SA/NV (UK Branch)

53

0

1

3

QBE UK Limited

2358

0

92

1244

QIC Europe Limited

552

1

58

338

Royal & Sun Alliance Insurance Ltd

1961

38

133

1520

Swiss Re International SE - UK Branch

0

5

0

0

The Channel Managing Agency Limited

9

5

0

9

The New India Assurance Company Limited

917

223

39

493

Travelers Syndicate Management Limited

7

3

0

2

XL Catlin Insurance Company UK Limited

530

33

7

410

XL Insurance Company SE

55

1

1

31

Zurich Insurance

103

48

34

27

 

“The aggregate value of the interim/initial payments made for the 3,647 unsettled claims where such payments have been made is £308,400,593,” noted the FCA. “The aggregate value of the payments made for the 27,678 claims where final settlements have been agreed and paid is £916,662,633.

“This means that (at the point of this information submission) 31,325 BI policyholders out of the 42,724 who had had claims accepted, had received at least an interim payment.”

The newly published data is based on information collected by the watchdog as of December 06.

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