Beazley has posted a pre-tax loss of $13.8m (£10.8m) for the first half of 2020 after seeing claims surge for its contingency and property divisions amid the Covid-19 pandemic.
Insurers’ repeated argument that policies were not intended to cover pandemics has been described as “a diversionary tactic” on the third day of the Financial Conduct Authority’s business interruption test case.
US insurance group Genworth Financial has agreed a £624m settlement with Axa, bringing to a close a lawsuit over payment protection insurance mis-selling losses.
Voluntary initiatives launched in 2018 to address dual pricing are “having a positive impact”, the Association of British Insurers has claimed amid suggestions that the industry needs to go further and do so quickly.
The Financial Conduct Authority has argued that where businesses made changes to their model and customers could not access them as normal, giving the example of a restaurant becoming a takeaway, they are not the "same insured business" and insurers…
Lloyd’s syndicates’ plans for 2021 include £11bn of fresh business, but some will be told that they must continue to focus on performance over growth as the market looks to “finish the job” it embarked on 2018 of turning around its profitability woes.
Arch policyholders whose business interruption claims were confirmed to be covered by the insurer have been told that their payments could be “reduced to zero” depending on the outcome of the Financial Conduct Authority's test case.
The cost of compensating customers of failed general insurance companies through the Financial Services Compensation Scheme fell 14% to £146.4m in the year to 31 March 2020.
The Competition and Markets Authority has again appealed for the power to impose financial penalties on businesses that breach payment protection insurance regulations, after breaches were uncovered at Cardif Pinnacle, Lloyds Banking Group and Nationwide.
Direct Insurance Group has appointed Andy Graham as head of specialist liability for its London market and Lloyd’s broking division.
As RSA changed its mind on part of its argument that drew criticism from Marsh, the Financial Conduct Authority said insurers were failing to take account of “the true nature of the insurance provided” in its business interruption test case, according to…
Capacity Place, an online marketplace for insurance programme capacity launched last week, could “massively shorten” the amount of time it takes to initiate and complete programme transactions, according to its CEO Marco Del Carlo.
Tony Russell, chief commercial officer at Charles Taylor Insuretech, spoke to Harry Curtis about how insurance companies are upgrading their technology in London and overseas, the changing dynamics in the world of insurtech, and lessons from the…
The Hiscox Action Group is seeking a “limited” role alongside the Financial Conduct Authority in the business interruption test case slated to be heard by the High Court in July.
Hiscox has denied that it 'refused' to participate in expedited arbitration proceedings launched by a group of businesses challenging the rejection of lockdown-related business interruption claims.
As preparations continue for a July test case to determine whether business interruption policies cover coronavirus lockdown losses, Post delves into the “representative sample” of wordings on which the court will be adjudicating.
Trade credit and the political risks class were among those with the greatest Covid-19 predicted insured losses, ranking behind only hard-hit areas such as business interruption and contingency, in a scenario analysis published by Willis Towers Watson in…
Fidelis has again increased its capital reserves through a $300m debt raise, meaning the specialty insurer and reinsurer has now raised in excess of $1bn in capital this year.
The future of the Lloyd’s underwriting room after the Covid-19 pandemic is in doubt, with the success of remote trading raising questions over the necessity of insurers paying for square footage in the City.
Christopher Croft, CEO of the London and International Insurance Brokers’ Association has called for brokers to play a more active role in the sale of business interruption insurance to small and medium businesses.