EU regulators and the insurance sector disagree over whether the review of the rules for the industry (Solvency II) should include higher capital requirements to deal with risks of interest rate changes, which insurers say would mean less money to support recovery.
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LONDON (Reuters) - Insurers in Britain have begun making interim payments or settlement offers to businesses disrupted by the COVID-19 pandemic after a high-profile January court case, but concerns have been raised about low payouts, with one business offered as little as 13 pounds ($18.14).
FILE PHOTO: General view of an empty restaurant in the Docklands, East London, after British Prime Minister Boris Johnson asked all pubs, restaurants and cafes in Britain to shut indefinitely as the spread of the coronavirus disease (COVID-19) continues. London, Britain, March 20, 2020 REUTERS/Steven Watt/File Photo
The UK Supreme Court dismissed appeals by insurers that said business interruption insurance claims were not valid in a test case brought by Britain’s markets watchdog on behalf of policyholders.
The closure of the Pink Broadway gay sauna could have implications for other adult venues (Stock photo: Envato Elements)
An historic gay sauna may be forced to close its doors forever after insurers inexplicably denied it coverage.
The Pink Broadway sauna has welcomed customers to Southampton’s East Street for the past two decades and had been insured without problems the whole time.
But it’s now under threat of closure after the current insurer, Markerstudy, suddenly refused to renew the sauna’s liability insurance policy.
“Given that insurance is mandatory, the refusal of insurance to a lawful business is disturbing. It could force the sauna out of business in a region of the country where there are already too few gay meeting and entertainment venues,” said human rights campaigner Peter Tatchell.
The guideline levels rise in three-month increments up to 24 months where the maximum £4,215 payout could be received.
Those who suffer an injury for between six months and nine months will receive £840 with those suffering between nine months and 12 months being paid over £1,300.
Meanwhile, drivers who have an injury for over 12 months but no more than 15 months will be liable for a payout of over £2,000.
The new legislation allows for an uplift of 20 percent in “exceptional circumstances” where courts consider damages should be greater than the original tariff.
Whiplash reforms will come into effect from May (Image: Getty)
Drivers will receive over £4,000 if their injury lasts up to 2 years after a crash (Image: The Whiplash Injury Regulations 2021)
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