Macro Matters

UK COVID-19 business insurance payouts top one billion pounds -watchdog

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Chef prepares food before a new menu tasting for staff at Loxleys Restaurant & Wine Bar before reopening on Monday 17th, as coronavirus disease (COVID-19) restrictions continue to ease, in Stratford Upon Avon, Britain, May 14, 2021. REUTERS/Andrew Boyers

LONDON, Sept 15 (Reuters) - Small companies in Britain, which demanded that their insurers cover claims for losses accrued during the COVID-19 pandemic, have received more than one billion pounds ($1.4 billion) in full and interim business interruption payouts to date.

Businesses ranging from restaurants to nightclubs and wedding planners to beauty parlours in January won the right to insurance payouts after Britain's highest court ruled many policies should cover losses caused by coronavirus lockdowns. read more

The Financial Conduct Authority (FCA), which had brought a closely-watched test case on behalf of policyholders against major insurers, said on Wednesday that 27,248 companies out of 42,308, which had had claims accepted, had received at least an interim payment.

($1 = 0.7236 pounds)

Reporting by Kirstin Ridley and Carolyn Cohn; Editing by Emelia Sithole-Matarise

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