High Court ruling on business interruption policies could further increase cost
The FCA ruling has moved back to September which creates more time to be ready - whatever the outcome.
Eight insurers are involved in a High Court test case against the Financial Conduct Authority last month. A ruling, which could affect policies sold by dozens of insurers, is expected in mid-September. Hiscox has said it could face claims of between £10m and £250m if the ruling goes against it.
360Globalnet has already built low-friction digital systems for two global insurers to reduce the human handling and increase the speed of Business Interruption claims handling.
We would love to partner with all those sixty insurers categorised as vulnerable to help you collapse costs and provide an empowered digital service for your staff and your customers. We can already link to, and validate against, external data sources such as Companies House and HMRC. We can provide eFNOL to boost speed and shrink settlement times.
360Globalnet can help insurers and brokers ensure they are ready for whatever September brings. And, because we're a low CapEx model thanks to a no-code system (to remove IT development timescales), you can benefit starting now by making BI a low friction claims environment.
Find out more and ring me on 07341 971132 or mail me at Mike.Daly@360Globalnet.com
Mike Daly| Business Development Director
UK insurer Hiscox increased its estimate of the cost of Covid-related claims by more than 50 per cent to $232m and that number could more than double in the coming months if a court ruling goes against the company. Hiscox has paid out on a variety of policies from event cancellation to travel but has also been caught up in the controversy about whether insurers should pay out for claims on business interruption policies.