BANK OF ENGLAND WARNS OF BI CLAIMS UNCERTAINTY

The Bank of England has expressed concern for the level of uncertainty surrounding disputed Covid-19 business interruption claims. “The highest level of uncertainty remains around business interruption,” said Anna Sweeney, the BoE’s executive director for insurance. “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,” she told a City & Financial online event. The comments were made ahead of a High Court test case against eight insurers spearheaded by the Financial Conduct Authority, which is due to get underway on July 20. 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.