Business interruption: British insurers ordered to compensate 370 000 businesses

Following a decision by the British Supreme Court on 15 January 2021, local British insurers were ordered to compensate 370 000 companies for operating losses caused by partial or complete shutdown due to coronavirus.

According to initial estimates by the Association of British Insurers (ABI), the total amount of claims during the first lockdown amounted to 900 million GBP (1.2 billion USD).

For the record, the British Financial Conduct Authority (FCA) has already filed a complaint against insurers for editorial inaccuracies in their business interruption contracts.

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