Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

UK insurers pay 700 million pounds so far in business interruption claims

05/12/2021 | 12:47pm EDT
FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) in Manchester

LONDON (Reuters) - Insurers have paid out more than 700 million pounds ($988.89 million) so far in business interruption payments following a court ruling earlier this year, Britain's markets watchdog said on Wednesday.

Insurers have made interim payments of 268 million pounds and final settlements totaling 433 million pounds, the Financial Conduct Authority said.

The watchdog brought the closely watched test case on behalf of policyholders last June, saying it could affect 370,000 policyholders and 60 insurers, and it is now checking that payouts are going ahead quickly.

"Where we see any laggards we are taking supervisory action," FCA CEO Nikhil Rathi told a hearing in parliament.

However, some businesses needed time to supply the required evidence of a loss.

Defining what is a loss is also a "grey area" in the court ruling and the FCA is in discussion with the finance ministry on what further guidance could be given, Rathi said.

Some businesses have accepted money from the government to furlough staff during COVID lockdowns, raising the question of whether companies should get money from the government and insurers, Rathi said.

"That is something that will depend on precise wording of each policy and the Supreme Court did not give us the Holy Grail of a complete answer on that question," Rathi said.

(Reporting by Carolyn Cohn and Huw Jones, editing by Bernadette Baum)


© Reuters 2021
Latest news "Economy & Forex"
07:26aU.S. House panel to take up Big Tech antitrust bills amid vociferous criticism
RE
07:26aU.S. opens $500 million fund for relatives of Boeing 737 MAX victims
RE
07:25aEUROPE : European stocks slip, Wall Street set to open slightly higher
RE
07:24aHong Kong's Lalamove confidentially files for U.S. IPO - Bloomberg
RE
07:20aFACEBOOK  : Central bank digital currencies get full BIS backing
RE
07:18aGSK's drugs arm to get $11 billion windfall from consumer spin-off
RE
07:15aMINISTRY OF FINANCE OF RUSSIAN FEDERATION  : Auction results of OFZ № 26238RMFS placement on 23 June, 2021
PU
07:06aCrypto is 'rat poison', a third of mainstream investment firms tell JPM
RE
07:05aThai central bank holds rate at record low, cuts GDP outlook on virus battle
RE
07:05aMobilityRE welcomes mortgage technology leader Jonas Kruckeberg as director of growth and client success
SE
Latest news "Economy & Forex"