Insurers failed to raise issues with government's restriction triggers, says FCA
If insurers disagreed with the government’s conclusions following a meeting with the industry that they would pay out based on March advice then they should have spoken out sooner and given politicians an earlier ‘opportunity’ to enforce mandatory bans, the Financial Conduct Authority has argued in its business interruption test case.
On 17 March 2020, insurers including Hiscox, RSA and Zurich – who are defendants in the FCA’s BI test case – and the Association of British Insurers, Lloyd’s, the FCA, the Prudential Regulation Authority and the UK Economic Secreteary to the Treasury met to discuss business interruption insurance, the FCA detailed in it skeleton argument.
The FCA said that subsequent statements by UK government members included: “Let me confirm that, for those businesses which do have a policy that covers
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