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.”