Allianz Has Paid Out on 75% of Valid BI Claims

Since the beginning of the first lockdown in 2020 and throughout the year, Allianz Insurance has been making payments on Business Interruption claims where it believes there is cover provided by the policy. At the end of January 2021, a total of 1832 interim and final claims payments had been made to customers on covered claims, representing 75% of the total number of covered claims.

Graham Gibson, chief claims officer, Allianz Insurance, said: “Allianz has taken a fair and balanced view on submitted Covid claims, resulting in many payments being made. The Supreme Court ruling handed down on 15 January provided a degree of clarity and has endorsed the decisions Allianz has made to date. The judgement is very technically complex and it will take some time to digest what it means for each customer, however Allianz has identified a small number of claims potentially affected by the case and we have contacted all customers who are affected by the judgement in line with the FCA guidelines and have already been in touch with our brokers to explain our next steps.

“Unfortunately, the reporting of the ruling has raised expectations amongst many small businesses in particular and Allianz has received a significant increase in business interruption claims over the last three weeks, the vast majority of which provide no cover. Fortunately we have established processes in place to deal with a surge in claims caused by any major event, including online communication and additional claims handler support, as and when our business requires it.”

He added: “We are acutely aware that the coronavirus pandemic has had a severe impact on many of our policyholders and we have every sympathy with those affected. Allianz also understands that policyholders with BI cover will naturally wish to explore the question of whether or not it responds to the losses that they have suffered. Equally, however, it is vital for the functioning of such insurance and for the benefit of policyholders with valid claims that Allianz should only pay claims in cases where the policy requirements are satisfied.”

About alastair walker 12549 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

Be the first to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.