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Latest UK business interruption test case claims data revealed

Latest UK business interruption test case claims data revealed | Insurance Business UK

Latest UK business interruption test case claims data revealed

Based on the latest figures collected by the Financial Conduct Authority (FCA) from insurers impacted by the UK business interruption (BI) test case, a total of 22,680 claims have already been fully settled while interim payments are being made in 4,568 claims.

According to the FCA’s September update, here are the new claims statistics:

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

87

0

1

Ageas Insurance Limited

36

32

3

36

Aioi Nissay Dowa Insurance UK Limited

12

0

0

1

Allianz Global Corporate & Specialty SE

6

0

1

5

Allianz Insurance plc

2322

69

200

1953

Arch Insurance (UK) Ltd

1244

69

1

869

Argenta Syndicate Management Limited

1064

106

74

963

ArgoGlobal SE

361

0

24

73

Aspen Insurance UK Limited

6

6

0

0

Asta Managing Agency Ltd

12

13

0

12

Aviva Insurance Limited

1765

468

123

1066

AXA Insurance UK plc

3135

87

515

1531

AXIS Managing Agency Limited

3307

252

87

2754

AXIS Specialty Europe SE

449

157

8

361

Beazley Furlonge Limited

79

0

2

73

Brit Syndicate Limited

31

0

0

13

Canopius Managing Agents Limited

1380

12

503

481

Catlin Underwriting Agencies Ltd

55

55

10

25

China Taiping Insurance (UK) Co Limited

264

61

4

100

Chubb European Group SE

91

0

11

12

Covea Insurance plc

2797

146

41

2594

Coverys Managing Agency Ltd

422

93

73

309

Ecclesiastical Insurance Office Plc

38

0

7

13

ERGO Versicherung Aktiengesellschaft

527

231

5

204

Fairmead Insurance Limited

944

8

0

932

Faraday Underwriting Limited

49

12

3

33

Great Lakes Insurance SE

23

15

3

8

HCC International Insurance Company Plc

6

8

0

1

HDI Global SE

102

40

0

10

HDI Global Specialty SE

659

334

320

66

Hiscox Insurance Company Ltd

9599

2211

1859

2606

Hiscox Syndicates Ltd

75

35

1

66

Liberty Mutual Insurance Europe SE

61

0

0

56

Markel International Insurance Company Limited

853

130

66

655

Mitsui Sumitomo Insurance Company (Europe) Ltd

0

1

0

0

MS Amlin Insurance SE

604

0

28

132

MS Amlin Underwriting Limited

3237

0

163

1263

Navigators Underwriting Agency Limited

0

0

0

0

QBE Europe SA/NV (UK Branch)

54

0

0

3

QBE UK Limited

2384

0

125

1030

QIC Europe Limited

628

1

53

269

Royal & Sun Alliance Insurance Ltd

2037

61

172

1302

Swiss Re International SE - UK Branch

0

5

0

0

The Channel Managing Agency Limited

7

12

0

7

The New India Assurance Company Limited

869

284

38

392

Travelers Syndicate Management Limited

4

5

0

0

XL Catlin Insurance Company UK Limited

528

40

10

358

XL Insurance Company SE

75

1

2

27

Zurich Insurance

100

57

33

15

 

The aggregate value of the interim payments made amounts to £328,908,143, while for final settlements the sum currently stands at £696,244,085 – or nearly £1.03 billion, combined.