Legal firm Mishcon De Reya, which is representing the Hiscox Action Group in its business interruption dispute, has called the FCA’s move to collect evidence from UK companies with disputed claims “encouraging”. But despite this, it urged firms to continue filing claims if they believe they’re due a payout, because the terms of the FCA’s high-court ruling will not be legally binding for parties outside of its test case. The regulator put out a call for the following evidence on Friday (15 May):
- Your (or your representative’s) arguments as to why you consider cover should be available in cases where you consider your insurers have not responded appropriately to a claim
- The wording of the policy that has not responded
- Brief relevant facts of the case
New data from mobile phone insurance MGA Tinhat has shown that claims among its customers were down more than half (57%) for the month of March, compared to the number reported at the same time last year. The firm also reported that new sales of mobile coverage were down by 23% on the same basis, something Tinhat said coincided with findings from researcher Strategy Analytics, which revealed global shipments of new phones in March fell by 38% on the same month last year. Tinhat did add however, that while theft and loss claims are down, the number of policyholders dropping their phones down the toilet have risen during lockdown.