A lawyer representing Hiscox's business interruption policyholders has called a statement by the insurer stating that fewer than one third of its policies may pay out following this morning’s Supreme Court judgment “misleading”.
Former Liberal Democrat leader Tim Farron has called the conduct of insurers during the coronavirus pandemic “deeply depressing” and urged the Chancellor of the Exchequer to “take steps to protect insurance customers from the actions of insurers”.
Insurers and brokers have told Post that the majority of their staff will continue to work from home and that offices will remain open to those few that need to access them, following the start of a third national lockdown in England.
Road traffic accident claimants have waited over a year just for their cases to be heard in court due to backlogs exacerbated by the Covid-19 pandemic, according to an analysis of Ministry of Justice figures by Zurich.
The UK government-backed trade credit reinsurance scheme to guarantee up to £10bn of business-to-business transactions has been extended to run for the first half of 2021.
The 2020 hurricane season was unprecedented, both due to the number of storms and because it coincided with a global pandemic. Post spoke to McLarens’ Kieran Gallagher, executive director, and Dave Watts, executive adjuster and head of home foreign,…
The Financial Conduct Authority has told customers who purchased cover through insolvent South West-based Professional Construction Risks Limited to contact their insurers directly to confirm the status of their policies.
Insurers and policyholders will have to wait until next year for the final outcome of the Financial Conduct Authority-led business interruption test case, according to an update from the regulator.
An open letter asking for the UK government to underwrite a Covid-19 contingency insurance product has been described as “a last throw of the dice” to save the 2021 entertainment and sporting calendar by one of the campaign’s architects.
The Financial Conduct Authority has issued a warning against a bookings software provider that marketed a cancellation insurance product to owners of UK holiday lets, following an investigation by Post.
The Financial Conduct Authority has launched a consultation on guidance to policyholders, insurers and intermediaries on how the presence of Covid-19 in a particular area may be proved for the purposes of business interruption claims.
Late on 25 November, the Prudential Regulation Authority and Financial Conduct Authority at last approved Markerstudy’s takeover of the Co-op’s underwriting business – 675 days on from when the deal was first announced.
Insurance policies sold by Somerset Bridge through an affinity deal with Debenhams will be left by unscathed by the high street retailer’s collapse, the broker’s CEO Liz Bilney has told Post.
Sompo International’s international insurance CEO Julian James sat down for a ‘virtual chinwag’ with Harry Curtis to talk returning from retirement, the business’s Lloyd’s exit and brand ambitions, the hardening market and ‘Armageddon scenarios’.
Proposed changes to the Financial Conduct Authority’s product governance rules could prove to have a greater long-term impact than the regulator’s prospective price walking ban, consumer research and compliance experts have said.
Lloyd’s has received final approval from the High Court to transfer policies covering risks and policyholders in the European Economic Area to its Belgian subsidiary, Lloyd’s Europe.
Insurance companies must ensure they are “purpose-led” in order to restore the sector’s reputation, Blueprint for Better Business CEO Chris Wookey told members of the Worshipful Company of Insurers last week.
Lloyd’s is set to learn whether or not the High Court will approve a Brexit-necessitated transfer of European policies to its Belgian subsidiary next week, following the conclusion of a two-day sanctions hearing on Thursday.
Lloyd’s could face a “lose-lose scenario” of having to choose between not paying claims or risking regulatory or criminal sanctions, if a proposed transfer of European policies to its Brussels subsidiary is not approved today.
The Supreme Court heard arguments from lawyers representing QBE, Argenta and MS Amlin on Monday as insurers began their appeal of the September judgment handed down in the Financial Conduct Authority’s business interruption test case.