The insurance industry’s £1bn excuse: Firms are still refusing to pay out over Covid claiming policies were ‘never intended’ to cover pandemics Tens of thousands of of small and medium-sized companies face bankruptcy Their policies promise to provide protection from ‘human contagious disease’ Insurers’ association claims cover for pandemics is never included as standard By … Read more
Hundreds of thousands of workers face redundancy because insurance giants are refusing to pay out in a £1 billion ‘coronavirus cover con’. Tens of thousands of small and medium-sized businesses are at risk of bankruptcy because of the ‘disgraceful’ and ‘immoral’ attempt to wriggle out of releasing the vital funds. This is despite them having … Read more
Hundreds of thousands of workers face redundancy because insurance giants are refusing to pay out in a £1 billion ‘coronavirus cover con’. Tens of thousands of small and medium-sized businesses are at risk of bankruptcy because of the ‘disgraceful’ and ‘immoral’ attempt to wriggle out of releasing the vital funds. This is despite them having … Read more
Hard-pressed households set for lower bills as watchdog asks insurers to grant payment holidays and cut premiums Insurers asked to offer three month payment holidays from Monday next week They will also have to offer more suitable policies and waive fees attached Policyholders will have until the 18th of August to apply for a payment holiday … Read more
Health is the number one priority for most at the moment, as the coronavirus pandemic creates a sharp focus on our mortality. Due to the ongoing pandemic, a number of private hospitals have been taken over by the NHS, to ensure that as many people as possible can get the treatment they need. Whilst this … Read more
Insurers are threatening to sue the very same companies taking them to court over unpaid business interruption claims. In recent weeks there has been a series of disagreements between firms forced to close due to coronavirus and the insurers refusing to pay out their business interruption claims. Policyholders are taking Hiscox to court in a class action … Read more
FCA tells insurers: See you in court, after thousands of desperate firms have their Covid claims rejected By James Salmon for the Daily Mail Published: 21:50 BST, 1 May 2020 | Updated: 21:50 BST, 1 May 2020 Desperate businesses battling to survive the Covid-19 crisis were given a glimmer of hope yesterday as the City … Read more
All insurers are being warned they must not seek to profit from the pandemic. The industry is expected to pay out more than £1.2 billion due to the virus, according to the Association of British Insurers (ABI). But firms are already facing legal action after refusing payouts to crippled businesses, while others are expected to … Read more
Consumer experts are calling for a ban on ‘dual pricing’ in the insurance market to end widespread discrimination against loyal customers. They call recent initiatives by a handful of insurance giants aimed at improving the lot of long-standing customers as ‘gimmicks’ that do not go far enough. Andrew Hagger, of financial consultancy MoneyComms, says: ‘Recent … Read more
Insurers told to pay out to firms forced to close by coronavirus but thousands are warned they’re not covered FCA urges insurers to act swiftly to pay out on coronavirus-related claims But the watchdog also warned that most firms aren’t actually covered It comes as IMF labels coronavirus crash will be the worst hit to … Read more