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.
The Rendez-Vous de Septembre, the reinsurance market’s annual conclave in Monte Carlo, will not go ahead in 2020 due to uncertainty over the ongoing coronavirus pandemic.
The insurance industry should work with government to avoid legal actions against insurers over rejected coronavirus claims that could decimate its reputation “for a decade,” claims dispute expert Roger Flaxman of Flaxman Partners has said.
The Hiscox Action Group, which now represents more than 200 claimants, has appointed City law firm Mishcon de Reya to handle its case.
Ecclesiastical, Hiscox, QBE and RSA could all face class actions from businesses that have had claims for losses from coronavirus-related closures rejected as policyholders group together and brokers also come under fire.
A group of 90 daycare nurseries are considering a legal challenge against both their insurer and broker, Ecclesiastical and Pound Gates respectively, following rejected business interruption claims, Post can reveal.
RSA faces a legal challenge from a group of 50 businesses which had claims rejected for losses sustained due to Covid-19-related closures, Post has learned.
Quieter roads have led many to assume that car insurers are in for pandemic profits. Post investigates calls for lockdown windfalls to be re-gifted to motorists.
NDML Insurance Specialists, an insurance broker that caters to nightclubs, has sought legal advice after around 60 of its clients had claims for coronavirus-related closures rejected by insurer QBE, Post has learned.
A group of businesses taking on Hiscox over rejected Covid-19-related business interruption claims has grown to over 100 firms, Post has learned.
Insurtech Sprout AI, which previously operated under the name Blockclaim, has raised $2.5m (£2m) in a second seed-funding round.
Hiscox has outlined its exposures to coronavirus losses as businesses that have had claims for coronavirus-related interruption rejected by the provider have come together, calling themselves the Hiscox Action Group.
The Financial Conduct Authority has said it will assess how insurers are interpreting business interruption policies, as it urged firms to settle valid claims quickly.
Hiscox rejects 'Public Authority' clause interpretation as coalition of BI claimants threaten class action
Hiscox faces a potential class-action lawsuit from policyholders that have had business interruption claims rejected.
Proposed 7.1% increase to insurers' contribution to FCA budget will add to firms' 'financial burden' in difficult times
The Financial Conduct Authority is consulting on changes to its fees and levies which would see annual contributions by general insurers and general insurance brokers increase 7.1% and 3% respectively.
The government should require e-scooter riders to buy insurance, according to a panel of experts speaking as part of Post’s Motor Insurance World Live on Wednesday.