FCA mixes praise for insurers on BI claims handling with concerns and lessons to be learned
The Financial Conduct Authority has welcomed insurers quickly making interim payments, reallocating resources swiftly and proactively communicating with policyholders in its review of business interruption claims handling.
According to the regulator, the actions helped customers with claims following the test case judgment handed down by the Supreme Court in January last year.
The Supreme Court ruled largely in favour of policyholders in its judgment which came hard on the heels of the High Court’s decision in favour of policyholders on the majority of issues the year before.
The authority has now published a summary of good practice by insurance firms which put customers at the heart of the claims process (see
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