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.
McLarens has acquired oil and energy specialist loss adjuster Lloyd Warwick International, previously majority owned by Crawford & Company.
Insurers' intent with regards pandemics 'not relevant or admissible', FCA will argue in High Court test case
Insurers’ contentions that wordings in business interruption policies are not designed to and do not provide cover in the event of pandemics will be disputed by the Financial Conduct Authority when it brings a test case before the High Court next month.
Lancashire has raised £277m through the placing of 39.6 million new shares at a price of 700p per share – a 3.6% discount on its stock price at the close of Tuesday trading, while fellow specialist insurer and reinsurer Fidelis has announced that it has…
Lancashire will look to raise £287m through the placing 39.6 million new shares, representing 19.5% of the company’s existing issued share capital, in order to take advantage of a return to hard market conditions.
The Hiscox Action Group has issued a £52m claim against Hiscox for unpaid business interruption claims related to losses incurred during the coronavirus lockdown.
Price comparison sites saw the beginnings of a gradual return to pre-pandemic consumer behaviours in May, having seen search volumes plummet in the initial weeks of the lockdown.
The Financial Conduct Authority's test case may be driving some law firms to revise their roles in slated business interruption legal battles, but lawyers argue they will still have a part to play quantifying losses and settling disputes.