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Bloomberg
British insurers are on the hook for more than 1.2 billion pounds ($1.5 billion) in claims from businesses and individuals hit by the coronavirus pandemic, according to the industry’s trade body.
Initial estimates put payments for business interruption at 900 million pounds, followed by a record 275 million-pound payout for canceled travel, the Association of British Insurers said on Saturday in response to a request for information from Parliament’s Treasury Committee. Everything from disrupted school trips to postponed weddings will also incur charges, it said.
The working figures exclude claims issued via Lloyd’s and the London Market, which would provide a more complete picture of the UK market liability in the coronavirus pandemic-induced crisis.
Lawmakers are heaping pressure onto the insurance industry to ensure fair treatment of customers. The UK markets regulator told insurers to pay valid claims quickly last week, spurring a sell-off in the sector.