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Business interruption insurance claims are a worry, BoE says before court rules

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The biggest uncertainty now facing insurers is whether they will have to pay for a raft of business interruption claims, the Bank of England said, as a court prepares to rule on whether existing policies cover big losses caused by the coronavirus crisis.

FILE PHOTO: A woman wearing a protective face mask walks past Lloyd's building in London, following the outbreak of the coronavirus disease , London, Britain, May 6, 2020. REUTERS/Henry Nicholls/File Photo

“The highest level of uncertainty remains around business interruption,” she told a City & Financial online event. “A number of insurers are taking steps to make sure there is no ambiguity about who is and isn’t covered for a second wave,” Sweeney said. Association of British Insurers Director General Huw Evans said the industry would be undertaking a “wholesale review of wordings” as a result of the disputes.

 

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