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BI test case: FCA shares latest insurer claims figures

BI test case: FCA shares latest insurer claims figures | Insurance Business UK

BI test case: FCA shares latest insurer claims figures

The Financial Conduct Authority (FCA) has revealed that – based on the latest information it has collected from insurers affected by the UK business interruption (BI) test case – 21,198 claims have been fully settled while interim payments have been made in 5,040 claims.

Below are the claims numbers, according to the FCA’s August update:

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

7

88

0

1

Ageas Insurance Limited

34

36

2

34

Aioi Nissay Dowa Insurance UK Limited

12

0

0

0

Allianz Global Corporate & Specialty SE

6

0

1

5

Allianz Insurance plc

2332

104

198

1934

Arch Insurance (UK) Ltd

1244

101

1

824

Argenta Syndicate Management Limited

1208

7

288

1147

ArgoGlobal SE

360

0

18

68

Aspen Insurance UK Limited

6

6

0

0

Asta Managing Agency Ltd

12

13

0

12

Aviva Insurance Limited

1634

593

138

984

AXA Insurance UK plc

3095

114

533

1457

AXIS Managing Agency Limited

3297

292

102

2654

AXIS Specialty Europe SE

439

157

8

332

Beazley Furlonge Limited

79

0

3

72

Brit Syndicate Limited

31

0

0

11

Canopius Managing Agents Limited

1387

15

559

411

Catlin Underwriting Agencies Ltd

55

60

10

24

China Taiping Insurance (UK) Co Limited

220

64

4

96

Chubb European Group SE

94

0

7

7

Covea Insurance plc

2816

153

46

2562

Coverys Managing Agency Ltd

392

130

84

273

Ecclesiastical Insurance Office Plc

39

0

6

13

ERGO Versicherung Aktiengesellschaft

502

249

5

182

Fairmead Insurance Limited

940

50

7

929

Faraday Underwriting Limited

49

13

3

33

Great Lakes Insurance SE

19

17

3

19

HCC International Insurance Company Plc

6

7

0

1

HDI Global SE

88

51

0

6

HDI Global Specialty SE

636

343

288

54

Hiscox Insurance Company Ltd

9180

2478

1897

2048

Hiscox Syndicates Ltd

66

46

2

58

Liberty Mutual Insurance Europe SE

61

0

0

56

Markel International Insurance Company Limited

845

165

78

624

Mitsui Sumitomo Insurance Company (Europe) Ltd

1

0

0

0

MS Amlin Insurance SE

595

0

34

106

MS Amlin Underwriting Limited

3254

0

246

1060

Navigators Underwriting Agency Limited

0

0

0

0

QBE Europe SA/NV (UK Branch)

55

0

0

2

QBE UK Limited

2404

0

148

933

QIC Europe Limited

743

3

49

231

Royal & Sun Alliance Insurance Ltd

2038

81

192

1216

Swiss Re International SE - UK Branch

0

8

0

0

The Channel Managing Agency Limited

7

12

0

7

The New India Assurance Company Limited

686

497

30

332

Travelers Syndicate Management Limited

4

4

0

0

XL Catlin Insurance Company UK Limited

512

55

11

343

XL Insurance Company SE

75

1

4

24

Zurich Insurance

101

60

35

13

 

The FCA said the aggregate value of the interim payments made now stands at £331,285,812, while that for final settlements has so far reached £636,799,954. As previously clarified by the regulator, the final settlement figure does not include the interim payments made on pending BI claims.