"Amanda Blanc confirms that the insurance industry has ‘some work to do’ in order to bounce back from the reputational onslaught resulting from the FCA’s test case on business interruption wordings"
Katie Scott Insurance Times 6th August
Scott goes on to write
Aviva’s UK chief executive for general insurance Colm Holmes confirmed today that despite the fact “95% of Aviva’s policies do not cover pandemics”, the insurer is still having to pay out for Covid-19-related business interruption (BI) claims that have been insured using wordings written by brokers.
He told Insurance Times: “From Aviva’s perspective, I think we were very clear from the outset: 95% of Aviva’s policies do not cover pandemics.
“From our perspective, it was a reasonably straightforward process. But there is a portion of our policies that were written under broker wordings that were impacted and some of those policies, we’ve actually paid claims on. Others will be subject to determination as part of the FCA case. Even though we’re not a party to that case, the results will impact on some of those policies, those broker wordings.”
360Globalnet announced that it has customised a business interruption claims platform that can be deployed to anticipate the ruling expected from the presiding judges in September.
That is a major advantage of a no-code claims management platform. It can be quickly configured to manage new and urgent use cases as it was with travel cancellation claims when the pandemic first closed down travel.
Business interruption claims requirements were anticipated by 360Globalnet and the new solution is already in production and deployed.
See "Low Friction Business Interruption Claims - DIGITALLY ORCHESTRATED"
Aviva’s UK chief executive for general insurance Colm Holmes confirmed today that despite the fact “95% of Aviva’s policies do not cover pandemics”, the insurer is still having to pay out for Covid-19-related business interruption (BI) claims that have been insured using wordings written by brokers. He told Insurance Times: “From Aviva’s perspective, I think we were very clear from the outset: 95% of Aviva’s policies do not cover pandemics. “From our perspective, it was a reasonably straightforward process. But there is a portion of our policies that were written under broker wordings that were impacted and some of those policies, we’ve actually paid claims on. Others will be subject to determination as part of the FCA case. Even though we’re not a party to that case, the results will impact on some of those policies, those broker wordings.”
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