FCA publishes review of BI insurance claims handling

FCA has published a review of how insurers have been handling claims under business interruption insurance policies.  It has welcomed insurers making quick interim payments and proactively communicating with policyholders.

It’s not all good news though, as FCA does have some concerns over how firms have handled claims from vulnerable customers, record-keeping of policy wordings, and identifying where customers have experienced unnecessary delays. It criticised poor provision of MI as a reason for firms’ ability to identify and address delays being compromised.

Emma Radmore