The Supreme Court has mostly accepted an FCA appeal which opens the door to Covid-19 business interruption (BI) insurance payouts.

The FCA said today it would take legal action over business interruption (BI) insurance after concerns some insurers were failing to pay out or dragging their feet on claims.

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.