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FCA publishes June update on BI claims numbers

FCA publishes June update on BI claims numbers | Insurance Business

FCA publishes June update on BI claims numbers

The new set of claims data for the non-damage business interruption (BI) policies impacted by the Financial Conduct Authority (FCA) test case outcome is now out.

Based on the information collected by the FCA for its June update, below are the latest 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

7

86

0

0

Ageas Insurance Limited

31

54

2

31

Aioi Nissay Dowa Insurance UK Limited

12

0

0

0

Allianz Global Corporate & Specialty SE

6

0

1

5

Allianz Insurance plc

2377

172

242

1834

Arch Insurance (UK) Ltd

1238

152

0

719

Argenta Syndicate Management Limited

1040

223

513

554

ArgoGlobal SE

407

0

9

42

Aspen Insurance UK Limited

4

8

0

0

Asta Managing Agency Ltd

12

12

0

12

Aviva Insurance Limited

1532

569

126

823

AXA Insurance UK plc

3023

110

502

1326

AXIS Managing Agency Limited

3250

430

241

2350

AXIS Specialty Europe SE

382

284

8

276

Beazley Furlonge Limited

77

0

7

55

Brit Syndicate Limited

30

0

0

5

Canopius Managing Agents Limited

614

796

21

254

Catlin Underwriting Agencies Ltd

52

69

10

17

China Taiping Insurance (UK) Co Limited

135

144

0

44

Chubb European Group SE

83

0

6

0

Covea Insurance plc

2850

376

58

2483

Coverys Managing Agency Ltd

355

179

92

172

Ecclesiastical Insurance Office Plc

39

0

5

13

ERGO Versicherung Aktiengesellschaft

129

614

11

129

Fairmead Insurance Limited

917

69

10

908

Faraday Underwriting Limited

48

0

4

27

Great Lakes Insurance SE

2

18

2

2

HCC International Insurance Company Plc

5

9

0

1

HDI Global SE

77

62

0

2

HDI Global Specialty SE

483

425

139

14

Hiscox Insurance Company Ltd

7346

2708

1469

537

Hiscox Syndicates Ltd

55

60

1

35

Liberty Mutual Insurance Europe SE

61

0

2

54

Markel International Insurance Company Limited

804

404

132

578

Mitsui Sumitomo Insurance Company (Europe) Ltd

0

0

0

0

MS Amlin Insurance SE

533

0

22

27

MS Amlin Underwriting Limited

3275

0

233

621

Navigators Underwriting Agency Limited

0

0

0

0

QBE Europe SA/NV (UK Branch)

56

0

0

2

QBE UK Limited

2433

0

68

649

QIC Europe Limited

777

6

48

94

Royal & Sun Alliance Insurance Plc

2084

137

131

968

Swiss Re International SE - UK Branch

0

8

0

0

The Channel Managing Agency Limited

5

13

0

4

The New India Assurance Company Limited

426

771

16

234

Travelers Syndicate Management Limited

7

0

0

0

XL Catlin Insurance Company UK Limited

454

113

27

235

XL Insurance Company SE

75

0

2

18

Zurich Insurance

94

71

28

5


According to the regulator, the aggregate value of the interim/initial payments made for unsettled claims where such payments have been made so far is £289,595,404, while the aggregate value of the payments made for claims where final settlements have been agreed and paid is £467,251,258.