Make Kitco Your Homepage

UK COVID-19 business insurance payouts top one billion pounds - watchdog

Kitco News

LONDON (Reuters) - Small companies in Britain, which demanded that their insurers cover claims for losses accrued during the COVID-19 pandemic, have received more than one billion pounds ($1.4 billion) in full and interim business interruption payouts to date.

Businesses ranging from restaurants to nightclubs and wedding planners to beauty parlours in January won the right to insurance payouts after Britain’s highest court ruled many policies should cover losses caused by coronavirus lockdowns.

The Financial Conduct Authority (FCA), which had brought a closely-watched test case on behalf of policyholders against major insurers, said on Wednesday that 27,248 companies out of 42,308, which had had claims accepted, had received at least an interim payment.

($1 = 0.7236 pounds)

Reporting by Kirstin Ridley and Carolyn Cohn; Editing by Emelia Sithole-Matarise

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.