Mixed Insurer Riot Claims Notifications

Author: Liz Mc Mahon

Source: Insurance Age | 15 Aug 2011

Insurers have failed to adopt a blanket policy on increasing their claims notification period following the government’s decision to extend the notification deadline to 42 days under the Riot (Damages) Act.

Zurich has increased its notification period for property insurance policyholders from seven to 30 days, where a condition exists on policies for the reporting of riot claims.

RSA however has chosen to increase the limit to 14 days while a spokeswoman for LV said it would be adopting a pragmatic approach and certainly would not be enforcing the seven day deadline.

Allianz, Axa and Aviva have yet to make their stance clear.

The Association of British Insurers (ABI) welcomed the Prime Minister's decision on Thursday when it revised its estimated figure of claims likely to be paid out by the insurance industry to be in excess of £200m.

Otto Thoresen, the director general of the ABI, said: "We will work in partnership with the government, and share our expertise, to make sure that the police compensation schemes work effectively and get compensation to people who need it quickly. It is important that, after the sad events of recent days, we do everything we can to help people recover."

More to follow...