FCA Calls For 'Prompt' Handling Of Storm Insurance Claims

Law360, London (January 13, 2021, 11:41 AM GMT) -- The Financial Conduct Authority has warned insurance company bosses to handle flood claims from December "promptly and fairly," despite the operational challenges created by the COVID-19 pandemic.

The watchdog said it is critical that insurers do not delay in paying out claims to policyholders whose homes were damaged by flooding from Storm Bella over Christmas. The storm, which struck on Dec. 26, caused widespread flooding across the U.K., particularly in coastal communities.

The FCA said in an update on its website on Tuesday that insurance companies are likely to face "operational challenges" resulting from staff absences and home working. But it...

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