BIBA and CII react to FCA business interruption stance

Insurance industry bodies have welcomed the decision from the Financial Conduct Authority (FCA) to test the wording of certain BI contracts in court, following disputes regarding claims related to the coronavirus pandemic. Christopher Woolard, the interim chief executive of the FCA, said claims must be assessed and settled quickly. "Our intended court action is designed to resolve a selected number of key issues causing uncertainty as promptly as possible and to provide greater clarity for all parties, both insured and insurers," Woolard said. "It is clear that decisive action is appr...