Just as many businesses were on track to recovery post-pandemic, some businesses are still paying the price, with claims settlements being increasingly challenged and delayed.
Our CEO, Bruce Hepburn said “the COVID-19 pandemic has highlighted problems in the industry. This saw some insurers delaying and prevaricating instead of settling claims.”
“The Covid business interruption debacle has highlighted a fundamental problem with ambiguity in insurance contracts, and the worrying tendency of some parts of the insurance industry to respond to crisis by protecting themselves rather than supporting businesses in their hour of need.
For an industry whose product is based on trust, COVID business interruption showed how easily this is broken, and the experience since is confirming how difficult it is to rebuild. Caveat emptor has never been so relevant.”