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Insurers paying out over coronavirus

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Facing the prospect of a High Court battle with the Financial Conduct Authority (FCA), a number of insurers have opted to pay out on business interruption claims that they had previously refused to. The FCA has filed a legal action against eight insurers over disputed claims that came amid the coronavirus crisis. The FCA said that several unnamed insurers who had refused to hand money to policyholders backed down when challenged to argue their position in court. The Sunday Telegraph reports that Axa and subsidiary Axa XL have paid out under policy wordings that are “strikingly similar” to those of rivals which have so far refused to pay out on claims for losses suffered during the pandemic – including QBE, Argo and at least one Lloyd’s of London syndicate. The paper’s Michael O’Dwyer says the fact that some insurers have opted to pay out “could undermine the arguments of those tha t continue to insist they are not liable under similar policies.”

 

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