Silly Season and Insurance
It’s usually the silly season in Insurance once we get to December. Normally, staff are attending Christmas parties, office get-togethers, boozy lunches and social nights out. The younger ones do the 12 pubs, secret Santa draws, Christmas jumpers etc.
Staff however do their best to settle as many claims as possible before the Christmas deadlines to get policyholders sorted out. Work hard and play hard.
Insurers regularly face negative comments and publicity when silly awards are paid out for seemingly innocuous personal injuries or suspected fraudulent claims. It’s in the Irish culture – think ‘Swing gate’. We moan about it but nobody does anything to change it.
Covid19 and insurance
This year it’s somewhat different. 2020 will be remembered for one thing only – Covid19.
AXA are the only Irish Insurer to have acted honourably in this regard.
All other Insurers who have business interruption wordings that include cover for infectious disease or denial of access non-damage, have done nothing but deny, deflect and diminish, or avoid paying out altogether.
Public Relations disaster
In terms of Public Relations they have shot themselves in the foot, with both barrels. The negative publicity from the legal actions and the additional pressure they have heaped on hard-pressed business owners will not be forgotten. Pubs are normally the central focus of Christmas cheer. This year, pub owners have been let down by Government and their Insurers. Many are facing an uncertain future as the silly season of 2020 has hit them in the most unexpected of ways.
Insurers should be part of the Covid19 solution. The High Court judgement is awaited in the FBD case and the Court of Appeal judgement is awaited in the FCA test case in the UK. Insurers need to prepare for abandoning their legal and moral “high ground” and start to repair the disastrous public relations self-inflicted wounds.
It’ll soon be time to put the silly season behind us and look forward to a more equitable 2021.
Expert claims handlers
Balcombes are experts in Property and Business Interruption claims. We act exclusively as claims handlers for Policyholders.
We are offering a FREE review of any business owners claim between now and 31st December 2020.