Business interruption: 1.5 billion USD to be borne by UK insurers

statisticsAccording to the Financial Conduct Authority (FCA), nearly 370 000 companies are expected to receive business interruption indemnification following the stoppage of their activity due to Covid-19. The coverage cost is estimated at 1.2 billion GBP (1.5 billion USD) for insurers.

Prior to the filing of numerous claims, insurers have initially refused to cover such risks. The insurers' rigid stance has prompted FCA to resort to legal action to clarify the clauses of insurance contracts in case of business interruption.

Read also | Covid-19: Heavy losses incurred by insurers and reinsurers

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