After the FCA's test case, UK policyholders have been claiming against their business interruption insurance. The amount has totalled £470m so far.

Noted that the premise of the claims are ultimately different but in terms of scale, 'a total of £332.4 million was paid in December 2019 to customers in relation to PPI they were sold'.  Reports also suggest that the total (cumulative) amount of PPI claims exceeded £50bn by 2020. By comparison, last June, the FCA's initial estimate of the total claims that could arise from the test case was £1.2bn.

The FCA have urged for business interruption payments to be dealt with quickly. However, there are still a large number of pending claims.

Do you think this will present a challenge for firms' claims handling obligations going forward?