Interviews

Insurance market has been the ‘fall guy’ of the Covid-19 pandemic

By 2020-08-11T15:26:00

finger pointing

Lawyer says that the ‘insurance industry is fundamental’ and that it ‘needs to be supported rather than just attacked’

The insurance market has been labelled as the “fall guy” of the Covid-19 pandemic as frustrated policyholders fail to align their claims expectations with the insurance sector’s purpose and coverage remits said Toby Vallance, a partner at law firm DAC Beachcroft who deals in marine insurance.

Speaking on the debate surrounding coronavirus-related business interruption (BI) claims, Vallance told Insurance Times: “I feel for the customers [of] the insurance market because these are incredibly difficult times and we’re looking at a recession, so I understand that people are looking at all possible avenues, but I also think the insurance market has been a bit of a fall guy for what are the expectations of what the insurance market will cover and I don’t think there’s been a fair review.”

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