Keep up with what’s been happening this week in our latest insurance news round-up…
BoE say that the UK economy is experiencing the deepest contraction in the past century during the coronavirus lockdown.
Over 100 bars, pubs and nightclubs are planning to take legal action against insurer Hiscox, over its insurance claims. Policy holders were told by the insurer that it would pay out if the business were to shut due to the virus. However, when business owners filed a claim, they were then told that business interruption policies do not cover the pandemic.
Admiral, one of the UK’s largest motor insurance companies are giving £25 back to customers who are unable to use their vehicles during the pandemic.
Following the government’s rules to extend the lockdown for another three weeks; The Automobile Association (AA) have announced that they will be extending their free breakdown cover for NHS workers.
The UK insurance industry has gathered together top insurance company bosses to form a committee which will work with government-backed terrorism reinsurance fund Pool Re to develop a pandemic cover.