By Elena Siniscalco
[Re:FCA vows to take action against insurers falling short on business interruption claims, %20claims.)Oct 4]
During the pandemic, businesses faced unprecedented disruptions to their supply chain, some had to close and many perceived a lack of support from their insurers during their time of need.
Insurers argued that pandemic impacts were not anticipated or covered within their policies, even where wording suggested otherwise.
They fought the FCA’s test case all the way through to Supreme Court appeal before the decision went predominantly in the FCA case’s favour.
It’s now saddening to see the FCA announce that even policyholders whose claims were accepted within this case are still facing delays due to insurers’ ongoing failures in handling claims.
This debacle has highlighted a fundamental problem with ambiguity in insurance contracts, and the worrying tendency of some parts of the insurance industry to respond to crises by simply protecting themselves.
This does not augur well for the insurance industry, whose product is based on trust.
Bruce Hepburn
Chief Executive of Mactavish
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