Business interruption: British insurers pay 1 billion USD in compensations

According to the latest figures published by the British regulator, the Financial Conduct Authority (FCA), the number of business interruption claims due to Covid-19 has reached 41 666 as of 5 August 2021.

Up to that date, the British insurers settled 26 889 claims for a total amount of 968 million GBP (1.3 billion USD).

Of this very amount, a sum of 636.8 million GBP (886.06 million USD) has been paid in full to the people covered against business interruption risks.

The remaining 331.28 million GBP (460.956 million USD) consist in advances or first payments made by the insurance companies.

Several insurers are concerned by this indemnity, including Hiscox, MS Amlin, Axa, Covéa and Allianz. On 15 January 2021, the British Supreme Court ordered the local insurers to indemnify 370 000 companies for the business interruption caused by the pandemic.