More than 60% of insurance professionals have been contacted by consumers struggling to afford insurance payments due to the impact of coronavirus, according to a Chartered Insurance Institute survey.

The Financial Conduct Authority has named the eight insurers who have agreed to take part in a test case to clarify business interruption insurance.

The total cost of the Coronavirus outbreak to British insurers is likely to total £1.2bn, according to initial estimates by the insurers’ trade body the Association of British Insurers.

The FCA says that it may intervene in the professional indemnity insurance market for firms if insurers are unable to renew cover.