Helping leaseholders caught up in the cladding crisis in insurance sector's 'reputational interests', says Shadow Economic Secretary
The insurance industry should work to help leaseholders affected by the cladding crisis in order to service not only the national interest but its reputational interests, attendees at the Association of British Insurers’ annual conference have heard.
Financial Ombudsman Service CEO Caroline Wayman has cautioned insurers that adding exclusions to policies which have generated claims during the pandemic would widen the gap between policyholder expectations and the reality of their cover.
The European Union would likely follow the UK’s lead were it to reform Solvency II rules to free up capital for long-term investments, attendees at the Association of British Insurers’ annual conference have heard.
After drawn-out consultations financial regulators will soon lay out what they expect from firms in terms of operational resilience. Harry Curtis investigates.
Forthcoming audit reforms that will make directors, rather than boards, personally responsible for the accuracy of company financial statements might not be insurable, the Forum of Insurance Lawyers has warned.
The government has committed to a state-backed indemnity scheme for fire safety engineers who are unable to obtain professional indemnity insurance, as it announced an additional £3.5bn in funding for the removal of cladding from buildings 18m in height…
The Covid-19 pandemic has not led to market failures in the UK insurance sector, James Dalton, director of general insurance policy at the Association of British Insurers, has said.
Disputes over furlough deductions from BI claims continue as adjusters and assessors call for clear guidance
Loss adjusters and assessors have called on the government and regulators to publish clear guidance on how government support received by businesses is to be treated in respect of lockdown-related interruption claims.
Beazley expects to feel the delayed impact of Covid-19-related liability claims later this year, highlighting its directors' and officers' and healthcare books as particular concerns.
Many business interruption policyholders may only be able to claim for losses suffered during last year’s first coronavirus lockdown, with cover for subsequent losses depending on factors such as the wordings of their policies and their renewal date.
Insurers and brokers have increased paid leave and introduced more flexible working arrangements to employees under additional pressure from lockdown restrictions, with a particular focus on those now juggling work with childcare responsibilities.
Last October saw the launch of Peach Pi, an insurance brand pitching itself to the UK’s micro-SMEs, freelancers and entrepreneurs. Harry Curtis caught up with managing director, Paul Coleman and Allison Hughes, head of distribution to learn about how the…
The government has launched a consultation on changes to Flood Re, which would permit the industry pool to discount premiums on properties where flood resilience measures have been fitted and supplement claims payments to enable homeowners to ‘build back…
Cyber insurers have hit back at former UK cybersecurity chief Ciaran Martin’s suggestion that ransomware claims payouts are fuelling organised crime and that a ban on such payments should be considered.
Markerstudy has agreed a £200m investment led by private equity firm Pollen Street Capital, which will see its debts to Qatar Re restructured and fund organic and acquisition-led growth.
Storm Christoph is not expected to prove as costly as other recent winter storms, with PWC predicting insured losses could hit £120m, but could set the stage for more severe flooding as soon as next month.
Covid-19-related lawsuits are set to drive a 40% increase in litigation over the coming year, with many claims management companies either already dealing with or anticipating a surge in claims.
Policymakers and business leaders need to pay greater attention to low-likelihood, high-impact risks, panellists warned at the launch of the World Economic Forum’s annual Global Risks Report on Tuesday.
Frustrated policyholders call for insurers to ‘take responsibility’ after Supreme Court rules many are due payouts
Policyholders and their representatives have called for insurers to “take responsibility” and “immediately start paying claims” in the wake of a bittersweet Supreme Court judgment on disputed coronavirus-related business interruption policies.
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”.