Insurance Products

Allianz makes payments on 75% of all BI claims

By the end of January 2021, 1832 interim and final claims payments had been made to customers on covered claims

Allianz has announced it has, so far, been making payments on 75% of all business interruption claims since the start of the first national lockdown in March 2020.

By the end of January 2021, around 1832 interim and final claims payments had been made to customers on covered claims.

Graham Gibson, chief claims officer at 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.”

He added: “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.”

 

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