Former Alpha directors sued as liquidators allege unrated insurer was insolvent a year before collapse
Two former directors of failed Danish insurer Alpha are facing a DKr200m (£22.9m) lawsuit brought by the firm’s liquidators for allegedly misrepresenting the financial condition of the company a year before its collapse in 2018.
Lloyd’s must take advantage of “once in a generation trading conditions” to return an underwriting profit in 2021, CEO John Neal has said after the market posted an £887m pre-tax loss for 2020.
Aviva has signed up to a global initiative that will require it to report annually on the progress it has made switching its motor fleet to electric vehicles, Post can reveal.
Governments and businesses must overcome the “fundamental behavioural challenge” of building spare capacity to bolster resilience to events such as a bioterrorist attacks and future pandemics, Lloyd’s chairman Bruce Carnegie-Brown has said.
Pandemic-related business interruption is “not insurable”, Scor CEO and chair Denis Kessler has said, likening the risk to that of property damage suffered during a war.
Some claims on wedding insurance policies sold by managing general agent UK General that were initially rejected are now being paid with policyholders also receiving compensation, Post has learned.
The government’s understanding of insurance contracts is fundamentally flawed and endangers the chances of its expectations with respect to Covid-related business interruption claims being met, claims dispute expert Roger Flaxman has said.
Prudential Regulation Authority CEO Sam Woods has sought to temper expectations that the ongoing review of Solvency II will free up significant amounts of capital held by the UK insurance sector.
Exclusive: Insurers should not make deductions from business interruption claims because insureds received government support during the pandemic if doing so leaves businesses at “an overall financial disadvantage”, the Economic Secretary to the Treasury…
Sabre CEO Geoff Carter has defended the insurer’s falling profits and premiums, saying that pricing increases pursued throughout 2020 stand it in good stead to take advantage of growth opportunities going forwards.
Photographers have criticised Hiscox for the way in which the insurer has handled lockdown-related business interruption claims, with the head of a professional association calling the continued delay of settlements "intolerable".
Comparison sites had mixed fortunes in terms of growth in 2020, as a third-quarter bounce-back in car insurance sales offset some, but not all, of the initial impact of Covid-19.
In February, Lloyd’s launched a consultation on the future of its famous underwriting room, inviting market participants to take part in “a once-in-a-generation opportunity” to shape the space going forwards.
Professional indemnity insurance may have slipped down the shopping list of some IT and technology companies, but firms that do take out cover are finding the type of policy limits they are used to harder to come by
There is “no magic bullet” Hiscox can use to remedy the hit to its reputation suffered through the long-running disputes over business interruption cover, the insurer’s global retail CEO Ben Walter has said.
Reinsurers sought to “tidy up” contracts during January’s renewal season, sometimes to the detriment of possible rate increases, raising questions for insurers as to how to cover excluded risks.
Co-op Insurance has won its claim against IBM for breach of an IT contract in 2017 and is entitled to a £13m net sum, the High Court has ruled.
The Financial Conduct Authority is reconsidering the implementation period for its dual pricing remedy proposals following consultation with the industry.
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.