Insurers that do not treat customers fairly when calculating payouts for business interruption due to the coronavirus crisis will face action by Britain's markets watchdog.
LONDON - Insurers that do not treat customers fairly when calculating payouts for business interruption due to the coronavirus crisis will face action by Britain’s markets watchdog.
The Financial Conduct Authority has taken eight insurers to court over business interruption policy wordings, which the insurers say do not cover the pandemic, with a ruling expected in mid-September. “We may intervene and take further actions where firms do not appear to be meeting our expectations and treating their customers fairly,” the FCA said in a statement.
The FCA said this could be appropriate but insurers should not take a one-size-fits-all approach and make uniform deductions.
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