Repair Your Damaged Reputations, AM Best Tells UK Insurers February 2, 2021
While most of the COVID-related problems that plagued UK commercial property insurers will abate after the March anniversary of lockdowns, battles with reinsurers and damaged reputations are lingering impacts, AM Best said.
In a commentary report, “UK Commercial Property Insurers Looking Beyond a Difficult 2020,” published Friday in the wake of the UK Supreme Court’s ruling in a test case brought by the Financial Conduct Authority, AM Best analysts mainly described the financial impact of the decision.
“It is important for the insurance industry’s reputation that transparency is improved and there is greater clarity as to what is covered in a BI policy.“