Many businesses in the hospitality and tourism industry have been battling for payouts, with insurers claiming it's the lockdown and not the actual pandemic causing the losses.
Policyholders take out the cover to protect themselves against events like a notifiable disease outbreak. After studying various business interruption insurance policies, the insurance regulator has slammed companies for deliberately avoiding payouts.The Financial Sector Conduct Authority said this conduct went against the principles of treating customers fairly and broke down confidence and trust in the insurance sector.
The regulator said if a client had a policy that covered infectious disease and could prove they suffered a loss because of measures taken to prevent the spread, including a lockdown, they had a valid claim.Insurance Claims Africa, who is representing 500 businesses battling to get their payouts, said this was a massive step in the right direction.
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FSCA slams insurers over business interruption stanceThe Financial Sector Conduct Authority says insurers avoiding paying business interruption claims where no grounds exist to do so are acting contrary to the Treating Customers Fairly regulatory regime
Source: IOL - 🏆 46. / 51 Read more »
Market conduct regulator sides with businesses in battle against short-term insurersThe Financial Sector Conduct Authority has slammed insurers who are using the national lockdown as a reason not to pay claims under business interruption policies
Source: BDliveSA - 🏆 12. / 63 Read more »
FSCA slams insurers over business interruption stanceThe Financial Sector Conduct Authority says insurers avoiding paying business interruption claims where no grounds exist to do so are acting contrary to the Treating Customers Fairly regulatory regime
Source: IOL - 🏆 46. / 51 Read more »