Action group members challenging insurers over rejected coronavirus-related business interruption claims would be better off waiting for the outcome of the Financial Conduct Authority's test case before embarking on proceedings, an expert advising…
The High Court has green-lit Lloyd’s plans for notifying European policyholders that their business will be transferred to the market’s Brussels branch later this year.
Law firm Edwin Coe has invited businesses that have been denied business interruption cover by Hiscox and RSA to join two group claims it is putting together, as litigation against insurers by rejected policyholders cover continues to proliferate.
General insurers will pay £8m more in Financial Services Compensation Scheme levy contributions than previously anticipated due to the recent failure of three firms.
Aviva and QBE face multimillion pound claims from a group of hospitality businesses that were denied cover when they sought to recoup pandemic-related losses.
Future events causing non-damage business interruption losses on the scale seen during the coronavirus pandemic could require a pan-European approach in addition to national pools and solutions, the president of the Federation of European Risk Management…
Beazley’s stock price rose 10.3% in the first hour of trading this morning after the insurer announced that it had successfully raised £247m through the issuing of new shares.
Beazley hopes to raise £247m through the placing and subscription of new shares representing 15% of the insurer’s existing issued share capital.
Some businesses that have had coronavirus-related claims rejected by Hiscox were told in writing prior to lockdown that they would be covered, according to an action group challenging the insurer.
An action group of 400 Hiscox business insurance policyholders is to launch an “expedited arbitration claim” against the insurer worth almost £40m.
The Financial Conduct Authority has invited policyholders and brokers with unresolved Covid-19-related disputes with insurers over business interruption polices to put forward their arguments for why claims should be paid.
Lloyd’s of London has forecast that Covid-19 will cost the insurance industry $203bn (£166bn) in underwriting and investment losses, putting the pandemic on a par with century’s most catastrophic hurricane seasons.
Aon agreed to dispose of business and assets up to a cap of $1.8bn (£1.5bn) in 2019 revenues to satisfy competition regulators or else pay a $1bn fee to Willis Towers Watson in order to get its takeover of the rival broker across the line, filings with…
Pricing momentum towards a hard insurance and reinsurance market will continue with the coronavirus crisis acting as a catalyst for steeper rate increases, industry executives have said.
The gender pay gaps of top insurance brokerages showed little movement in 2019, with the divide between the mean pay of men and women shrinking by 0.33% while the gap in median pay grew by 0.34%.
The UK and US insurance markets face losses of $80bn (£64bn) if lockdowns and social distancing measures to curb the spread of the coronavirus need to be kept in place for 12 months, according to Willis Towers Watson.
The Financial Conduct Authority will ask the courts to rule on whether a “representative sample of the most frequently used” business interruption policy wordings provide cover for Covid-19-related losses.
Swiss Re’s first quarter earnings were pushed into the red by a $476m hit from the coronavirus pandemic to its property and casualty businesses, driven by event cancellation and postponement.
Lancashire has predicted it faces $35m in first-quarter losses rated to the pandemic, stemming predominantly from business interruption claims in its property book.
Jefferies has revised the probability of Beazley raising equity up to 40%, citing feedback from investors that, were the insurer considering the option, it should come “now or never”.
A lawyer advising pubs and clubs mulling legal action against Hiscox over rejected business interruption claims has said the group won’t wait for the Financial Ombudsman Service to process complaints before launching arbitration proceedings.
Ecclesiastical’s rejection of business interruption claims relating to closures caused by coronavirus is being challenged by Marsh and an association of private schools, Post has learned.
Former Swiss Re group CEO Stefan Lippe, who led the reinsurer between 2009 and 2012, passed away aged 65 earlier this week following complications after contracting coronavirus.