Aviva’s Covid-19 BI claims exposure down to broker wordings
GI CEO Colm Holmes says provider has taken a proactive approach to paying claims as he discusses how Aviva was impacted by the BI test case and comments on its 2020 results.
Colm Holmes, CEO of General Insurance at Aviva, has predicted that broker wordings will be reviewed and “tightened” off the back of the pandemic.
Holmes told Insurance Age that broker wordings were responsible for Aviva’s exposure to pandemic-related business interruption (BI) claims, noting that 95% of the provider’s policies are on its own standard wording which did not provide any cover for pandemic loss.
He explained: “The FCA [Financial Conduct Authority] looked at that and it wasn’t a
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