LONDON (Reuters) – Britain’s markets watchdog said on Friday it was “critical” that insurers pay valid claims in full at the earliest possible date, following a High Court ruling on business interruption insurance.
London judges ruled that some of the world’s biggest insurers were wrong to reject tens of thousands of claims from small firms battered by the COVID-19 pandemic, the Financial Conduct Authority (FCA) said earlier this week.
Insurers should make interim payments where possible, the FCA said in a “Dear CEO” letter published on Friday.
(Reporting by Carolyn Cohn; editing by David Evans)
