The Financial Conduct Authority (FCA), which has been closely monitoring firms’ handling of business interruption (BI) claims since it began collecting data in March 2021, has published the latest numbers obtained as of March 6, 2023.
Here are the claims figures from insurers affected by the BI insurance test case in the UK:
|
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 |
30 |
28 |
6 |
30 |
|
Ageas Insurance Limited |
49 |
8 |
0 |
49 |
|
Aioi Nissay Dowa Insurance UK Limited |
12 |
0 |
0 |
2 |
|
Allianz Global Corporate & Specialty SE |
7 |
0 |
0 |
7 |
|
Allianz Insurance Plc |
2376 |
38 |
109 |
2209 |
|
Arch Insurance (UK) Ltd |
1147 |
9 |
0 |
1126 |
|
Argenta Syndicate Management Limited |
1147 |
1 |
1 |
1157 |
|
Aspen Insurance UK Limited |
6 |
6 |
1 |
3 |
|
Asta Managing Agency Ltd |
29 |
0 |
0 |
22 |
|
Aviva Insurance Limited |
2170 |
2 |
75 |
1759 |
|
AXA Insurance UK Plc |
2682 |
19 |
289 |
2153 |
|
AXA XL Insurance Company UK Limited (formerly XL Catlin Insurance Company UK Limited) |
523 |
1 |
6 |
483 |
|
AXA XL Underwriting Agencies Ltd (formerly Catlin Underwriting Agencies Ltd) |
57 |
0 |
0 |
57 |
|
AXIS Managing Agency Limited |
3443 |
19 |
13 |
3131 |
|
AXIS Specialty Europe SE |
476 |
17 |
16 |
452 |
|
Beazley Furlonge Limited |
75 |
0 |
0 |
74 |
|
Brit Syndicate Limited |
29 |
0 |
0 |
27 |
|
Canopius Managing Agents Limited |
1478 |
4 |
27 |
1104 |
|
China Taiping Insurance (UK) Co Limited |
351 |
0 |
2 |
341 |
|
Chubb European Group SE |
46 |
0 |
2 |
43 |
|
Covéa Insurance Plc |
2842 |
8 |
7 |
2750 |
|
Coverys Managing Agency Ltd |
477 |
17 |
8 |
537 |
|
Ecclesiastical Insurance Office Plc |
34 |
0 |
6 |
28 |
|
ERGO Versicherung Aktiengesellschaft |
343 |
23 |
9 |
330 |
|
Fairmead Insurance Limited |
964 |
0 |
0 |
964 |
|
Faraday Underwriting Limited |
55 |
0 |
1 |
52 |
|
Great Lakes Insurance SE |
22 |
3 |
3 |
19 |
|
HCC International Insurance Company Plc |
7 |
5 |
1 |
4 |
|
HDI Global SE |
83 |
0 |
0 |
56 |
|
HDI Global Specialty SE |
829 |
1 |
11 |
801 |
|
Hiscox Insurance Company Ltd |
11121 |
14 |
184 |
8408 |
|
Hiscox Syndicates Ltd |
88 |
8 |
1 |
88 |
|
Liberty Mutual Insurance Europe SE |
61 |
0 |
0 |
58 |
|
Markel International Insurance Company Limited |
891 |
4 |
8 |
876 |
|
Mitsui Sumitomo Insurance Company (Europe) Ltd |
1 |
0 |
0 |
1 |
|
MS Amlin Insurance SE |
450 |
0 |
10 |
396 |
|
MS Amlin Underwriting Limited |
1723 |
0 |
12 |
1641 |
|
Navigators Underwriting Agency Limited |
0 |
0 |
0 |
0 |
|
Probitas Managing Agency Limited |
0 |
0 |
0 |
0 |
|
QBE Europe SA/NV (UK Branch) |
54 |
0 |
0 |
5 |
|
QBE UK Limited |
2330 |
0 |
82 |
1539 |
|
QIC Europe Limited |
557 |
0 |
50 |
491 |
|
RiverStone Insurance Malta SE |
262 |
0 |
7 |
362 |
|
RiverStone Managing Agency Limited |
739 |
27 |
20 |
711 |
|
Royal & Sun Alliance Insurance Ltd |
1955 |
26 |
41 |
1784 |
|
SCOR Managing Agency Ltd |
12 |
0 |
0 |
12 |
|
Swiss Re International SE - UK Branch |
0 |
0 |
0 |
0 |
|
The New India Assurance Company Limited |
809 |
27 |
10 |
661 |
|
Travelers Syndicate Management Limited |
6 |
0 |
0 |
6 |
|
XL Insurance Company SE |
53 |
0 |
0 |
44 |
|
Zurich Insurance Plc |
126 |
26 |
56 |
51 |
Below are the key sums, based on the information reported to the FCA.
“In March 2023 insurers submitted what we expect to be the final iteration of data that will be collected and published on the progress of on-damage BI claims,” said the regulator.
What do you think about the latest BI claims figures? Share your thoughts in the comments below.
