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Revealed: BI test case insurer claims numbers

Revealed: BI test case insurer claims numbers | Insurance Business

Revealed: BI test case insurer claims numbers

The Financial Conduct Authority (FCA) – after collecting data from the insurers whose non-damage business interruption (BI) policies are affected by the outcome of the FCA test case – has published the companies’ claims information.

According to the regulator, here are the figures from more than 50 BI insurance providers:

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

-

77

-

-

Ageas Insurance Limited

5

13

-

5

Aioi Nissay Dowa Insurance UK Limited

12

-

-

-

Allianz Global Corporate & Specialty SE

3

4

2

1

Allianz Insurance Plc

2,352

297

379

1,459

Arch Insurance (UK) Ltd

1,070

240

-

307

Argenta Syndicate Management Limited

244

997

129

89

ArgoGlobal SE

192

262

-

5

Aspen Insurance UK Limited

4

8

-

-

Asta Managing Agency Ltd

12

5

-

12

Aviva Insurance Limited

713

425

124

138

AXA Insurance UK Plc

1,646

2,109

393

921

AXIS Managing Agency Limited

2,566

688

367

1,547

AXIS Specialty Europe SE

271

278

16

125

Beazley Furlonge Limited

69

-

36

33

Brit Syndicates Limited

25

-

-

-

Canopius Managing Agents Limited

1,333

-

-

-

Catlin Underwriting Agencies Ltd

40

63

12

15

Chaucer Syndicates Limited

1

-

-

-

China Taiping Insurance (UK) Co Limited

183

34

-

10

Chubb European Group SE

36

46

2

-

Covéa Insurance Plc

3,210

757

114

2,294

Coverys Managing Agency Ltd

50

198

43

6

Ecclesiastical Insurance Office Plc

36

-

3

8

ERGO Versicherung Aktiengesellschaft

3

649

3

3

Fairmead Insurance Limited

735

216

21

541

Faraday Underwriting Limited

44

7

1

5

Hamilton Managing Agency Limited

1

-

-

1

HCC International Insurance Company Plc

32

18

1

7

HDI Global SE

-

33

-

-

HDI Global Specialty SE

585

-

-

-

Hiscox Insurance Company Ltd

242

4,239

116

24

Hiscox Syndicates Ltd

11

102

-

11

Liberty Mutual Insurance Europe SE

59

-

1

36

Markel International Insurance Company Limited

725

378

152

326

Mitsui Sumitomo Insurance Company (Europe) Ltd

-

-

-

-

MS Amlin Insurance SE

-

493

-

-

MS Amlin Underwriting Limited

-

3,224

-

-

Navigators Underwriting Agency Limited

-

-

-

-

QBE Europe SA/NV (UK Branch)

53

-

-

-

QBE UK Limited

2,392

32

19

95

QIC Europe Limited

634

46

-

3

Royal & Sun Alliance Insurance Plc

1,062

1,071

51

105

Swiss Re International SE - UK Branch

-

7

-

-

The Channel Managing Agency Limited

-

19

-

-

The New India Assurance Company Limited

26

1,017

-

-

Travelers Insurance Company Limited

1

-

1

-

Travelers Syndicate Management Limited

7

16

-

-

XL Catlin Insurance Company UK Limited

291

238

27

26

XL Insurance Company SE

78

-

2

17

Zurich Insurance

86

81

15

2

 

“The aggregate value of the interim/initial payments made for the 2,030 unsettled claims where such payments have been made is £192,084,302,” noted the FCA. “The aggregate value of the payments made for the 8,177 claims where final settlements have been agreed and paid is £279,823,468.

“This means that (at the point of this information submission) 10,207 BI policyholders out of the 21,140, who had had claims accepted, had received at least an interim payment.”

The regulator’s request for information only included policies which are, in principle, capable of responding to the COVID-19 pandemic; which do not represent contracts of large risk; and where more than five claims have been made.

The FCA added: “The information reported is as submitted to us and reflects the firms’ records of the numbers of claims meeting the criteria specified in our information request, and of the values of interim/initial payments and final settlements made as reported to us at March 03, 2021.”