Petition for a Public Inquiry into British Insurers' Unfair Treatment of Business Interruption policy holders, who have won claims related to COVID Lockdowns. 

 

 

 

It is an undeniable fact that British insurers have consistently stalled, delayed, and unfairly treated policyholders in business interruption cases linked to the COVID-19 lockdowns, despite numerous court rulings including the Supreme Court ruling in 2021. 

For near 4 years businesses across the UK have grappled with the aftermath of government-mandated COVID lockdowns, which not only threatened lives but also severely impacted livelihoods.

Shockingly, insurers have continuously evaded their obligations, leaving policyholders in dire financial straits.

The extent of this injustice is exemplified by insurers exploiting government initiatives such as furlough schemes to pocket billions at the expense of small businesses. The insurers are pocketing £billions of tax payers money! this is a burden us and our children will be carrying for many tears to come some £400 billion ! 

Moreover, they have callously labeled essential loans taken by struggling businesses as benefits, further exacerbating the financial burdens imposed on already vulnerable enterprises.

For too long, UK businesses have endured the burden of paying hefty insurance premiums, only to be met with egregious negotiation tactics and unjust denials when the need to claim arises. Insurers must be held accountable for their actions.

 
British insurers have been taken through courts including the Supreme Court and

STILL STALL, DELAY & unfairly treat policyholders 

I truly believe insurers should answer to a select committee why they are using Government initiatives money and treating policyholder unfairly

 5th March 2020 - Covid 19  - Boris Johnson added the covid19 strain to the infectious disease list stating that businesses could NOW claim.  INSURERS DISREGARD

17th March 2020 - Chancellor Rishi Sunak stated that "let me be clear that businesses who have "pandemic/plague" in their policies that the governments' actions were sufficient and companies could make a claim against any policies. INSURERS DISREGARD 

25th March  - during PM question time Boris Johnson stated that INSURERS LISTEN - AGAIN INSURERS DISREGARD 

Despite landmark rulings by the FCA and the Supreme Court in favor of policyholders, insurers persist in their refusal to honor valid claims. The data speaks volumes: out of over 370,000 valid claims, only a fraction have been paid, with many receiving only interim payments.

The conduct of insurers is not only unethical but also detrimental to the economic recovery of the nation. Small businesses, such as salons, pubs, restaurants, and retailers, which form the backbone of our communities, have been disproportionately impacted by insurers' callous actions.

We urge immediate action from policymakers, Rishi Sunak, and the government, to convene a Select Committee hearing to hold insurers accountable for their reprehensible behavior. Insurers must be compelled to answer for their failure to engage, listen, or treat policyholders fairly.

The excuses and evasive tactics employed by insurers, such as denying coverage based on technicalities or shifting goalposts, are no longer acceptable. A public inquiry into British insurers' conduct is essential to ensure transparency, accountability, and justice for all those who have been wronged.

We call upon concerned public to sign this petition and demand a thorough investigation into British insurers' actions, which have inflicted untold suffering on countless businesses and individuals across the UK. Together, let us stand up against corporate injustice and advocate for a fairer, more equitable insurance system.

Thank you 

Collette Osborne 

FCA DATA AT 2023

Excel sheet attached at 2023 

What the data shows
The number of BI claims where the insurer's decision as to whether there is a valid claim is pending is 341 (5 September 2022: 665).
The aggregate value of the interim/initial payments made for the 1,074 (5 September 2022: 1,560) unsettled claims where such payments have been made is £294,949,957 (5 September 2022: £296,880,011).
The aggregate value of the payments made for the 36,904 (5 September 2022: 34,506) claims where final settlements have been agreed and paid (see data note below) is £1,406,662,310 (5 September 2022: £1,213,945,175).
This means that (at the point of this information submission) 37,978 (5 September 2022: 36,066) BI policyholders out of the 43,027 (5 September 2022: 42,586) who had had claims accepted, had received at least an interim payment.

https://www.fca.org.uk/data/bi-insurance-test-case-insurer-claims-data