Figures from the Financial Conduct Authority have confirmed that 34,506 business interruption insurance claimants have received their full payment out of 42,586 accepted by insurers.
While this shows only 81% have been paid in full a further 1506 have had an interim payment pushing the figure for those that have had at least some money up to 85%. The 85% figure is up by 4% since March.
According to the FCA’s numbers, there are over 4000 cases where insurers are still waiting for the all the information needed to calculate the total value of the claim. The data came as the FCA praised insurers for some aspects of BI claims handling but also warned of lessons to be learned