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FCA issues November update on BI test case claims

FCA issues November update on BI test case claims | Insurance Business UK

FCA issues November update on BI test case claims

Nearly £1.2 billion – £1,183,788,990, to be exact – has now been paid by insurers following the business interruption (BI) test case in the UK, according to the latest numbers published by the Financial Conduct Authority (FCA).

FCA’s November update shows £312,215,762 in initial or interim payments, while the total value of compensation for BI claims where final settlements have been agreed and paid stands at £871,573,228.

Based on data collected by the regulator as of November 08, here are the figures 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

78

3

3

Ageas Insurance Limited

35

47

4

35

Aioi Nissay Dowa Insurance UK Limited

12

0

0

2

Allianz Global Corporate & Specialty SE

6

0

1

5

Allianz Insurance plc

2307

26

187

1997

Arch Insurance (UK) Ltd

1258

51

1

913

Argenta Syndicate Management Limited

1109

21

8

1098

ArgoGlobal SE

316

0

24

98

Aspen Insurance UK Limited

6

6

0

0

Asta Managing Agency Ltd

13

12

0

13

Aviva Insurance Limited

1983

94

120

1337

AXA Insurance UK plc

3099

84

508

1611

AXIS Managing Agency Limited

3367

182

61

2819

AXIS Specialty Europe SE

458

98

9

378

Beazley Furlonge Limited

75

0

1

67

Brit Syndicate Limited

31

0

0

24

Canopius Managing Agents Limited

1334

15

397

606

Catlin Underwriting Agencies Ltd

55

27

5

36

China Taiping Insurance (UK) Co Limited

272

75

8

111

Chubb European Group SE

62

0

8

20

Covea Insurance plc

2791

84

38

2609

Coverys Managing Agency Ltd

427

87

63

380

Ecclesiastical Insurance Office Plc

36

0

6

15

ERGO Versicherung Aktiengesellschaft

253

155

8

225

Fairmead Insurance Limited

948

9

0

948

Faraday Underwriting Limited

51

5

0

43

Great Lakes Insurance SE

11

18

1

10

HCC International Insurance Company Plc

6

7

0

2

HDI Global SE

102

41

0

13

HDI Global Specialty SE

692

204

333

116

Hiscox Insurance Company Ltd

10555

1931

1582

3881

Hiscox Syndicates Ltd

80

22

1

77

Liberty Mutual Insurance Europe SE

61

0

0

57

Markel International Insurance Company Limited

867

55

63

705

Mitsui Sumitomo Insurance Company (Europe) Ltd

0

1

0

0

MS Amlin Insurance SE

538

0

26

198

MS Amlin Underwriting Limited

2845

0

268

1564

Navigators Underwriting Agency Limited

0

0

0

0

Probitas Managing Agency Limited

0

5

0

0

QBE Europe SA/NV (UK Branch)

53

0

0

3

QBE UK Limited

2361

0

106

1185

QIC Europe Limited

543

0

58

314

Royal & Sun Alliance Insurance Ltd

1964

48

148

1454

Swiss Re International SE - UK Branch

0

5

0

0

The Channel Managing Agency Limited

9

7

0

8

The New India Assurance Company Limited

905

234

44

456

Travelers Syndicate Management Limited

7

3

0

2

XL Catlin Insurance Company UK Limited

531

34

8

402

XL Insurance Company SE

67

1

1

34

Zurich Insurance

103

49

35

24

  

The FCA said final payments have been made in 25,898 claims, while 4,134 are still being finalised. Initial payments have been made for the latter.