FCA updates data on BI payments

Insurers have now settled in full a total of 24,263 business interruption claims for an aggregate value of almost £767m, up from the £696m reported last month, according to the Financial Conduct Authority. The data is for claims reported up to 5th October.

The regulator said 28,866 business interruption policyholders out of the 42,222 who had had claims accepted, had now received at least an interim payment.

The FCA added: “We remind firms of the need to handle claims promptly and fairly and to provide reasonable guidance to help a policyholder to make a claim.”

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