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Share Price:
Down 429.70p
Change Today:
-6.70p
Market Cap:
4,445.87m
Sector:
Insurance (non-life)

UK insurers ordered to offer payment holidays for struggling customers

By Frank Prenesti

Date: Thursday 14 May 2020

LONDON (ShareCast) - (Sharecast News) - Insurance customers struggling to pay premiums as a result of the coronavirus pandemic will be entitled to ask for other options such as fee deferrals to reduce costs, the UK's financial regulator said on Thursday.
Under a temporary three month scheme, companies will have to offer alternative policies, or waive fees on cancellations for customers who are in difficulty, the Financial Conduct Authority (FCA) said.

The insurance industry has come under pressure since the majority of businesses were forced to shutter in March as the government ordered a lockdown to try to stem the spread of the virus.

Many firms have been told they cannot claim under so-called business interruption policies, with some clients preparing to dispute this assessment in legal action against major insurers.

The FCA said measures, which take effect on May 18, included payment deferrals, discounts, partial refunds, reassessment of customer risk profiles, alternative cheaper products and fee waivers for any policy changes.

FCA interim executive director of strategy and competition Sheldon Mills said the measures would be reviewed in the next three months "in the light of developments regarding coronavirus and may be revised if appropriate".

"Where amendments to the insurance cover do not help alleviate the temporary payment difficulties for customers paying their premium in instalments, then the FCA expects firms to grant customers a payment deferral unless it is obviously not in the customer's interests to do so," he said.

"The payment deferral should be granted for a period of between one and three months, though firms can go beyond 3 months should they wish to do so, and it is in the customer's interests."

Customers will be able to request a payment deferral at any point up to August 18 while the window for requesting a payment deferral is open, the FCA said.

"We also expect firms to consider reviewing any interest rates associated with instalments to determine whether they are consistent with the obligation to treat customers fairly in the light of the exceptional circumstances arising out of coronavirus."

More than 100 nightclubs, pubs and bars are planning legal action against insurer Hiscox over its non-payment of business interruption insurance claims.

Hiscox's policies stated they would pay out when a business was forced to shut owing to a notifiable disease, but the company has told them they are not covered for the pandemic because it is nationwide and not a local event.

Hiscox said it could pay out $175m in coronavirus-related claims if lockdowns and travel bans were extended beyond six months as it faced a potential class action from angry business customers over rejected applications.

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RSA Market Data

Currency UK Pounds
Price 429.70p
Change Today -6.70p
52 Week High 582.80p
52 Week Low 326.90p
Volume 506,952
Shares Issued 1,034.64m
Market Cap 4,445.87m

Performance Indicators

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What The Brokers Say

Strong Buy 15
Buy 1
Neutral 2
Sell 0
Strong Sell 0
Total 18
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

RSA Dividends

  Latest Previous
  Interim Interim
Ex-Div 12-Nov-20 05-Sep-19
Paid 04-Dec-20 11-Oct-19
Amount 8.00p 7.50p

Trades for 27-Oct-2020

Time Volume / Share Price
14:19 296 @ 429.70p
14:19 287 @ 429.60p
14:19 32 @ 429.60p
14:19 176 @ 429.60p
14:19 449 @ 429.60p

RSA Key Personnel

Chair Martin Scicluna
CEO Scott Egan