The coronavirus pandemic has hit businesses far and wide – and many have turned to their insurers in the hope that business interruption policies can bail them out amid massive volumes of lost business. The insurance industry, meanwhile, has argued that, in most cases, it never meant to offer coverage for pandemic related losses, especially on such a scale – and that doing so could cripple the industry.
With the likes of Hiscox and QBE already facing campaigns relating to their business interruption offerings and COVID-19, the Financial Conduct Authority (FCA) has stepped in to attempt to offer some clarity. Now, it is offering an update on how its investigation is progressing.
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