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…
Movement for Good, artistic auctions and Cupcake Day
Ecclesiastical delivered £58m in post-tax profit last year, more than treble the £15.2m achieved in 2018, according to a filing at Companies House.
Insurers have been accused of "dragging feet" in the Financial Conduct Authority's business interruption test case, as they sought additional hearing time in September to debate on the regulator's use of an analysis by the University of Cambridge to…
There have always been points of conflict in the insurer and broker relationship but this week that reached a new low as RSA offered up Marsh as a human shield in its battle to avoid payment of business interruption claims for the Covid-19 pandemic.
Marsh has disputed RSA allegations its clients should be liable for brokered policy contract issues in the Financial Conduct Authority’s business interruption test case, as brokers were dragged into the ongoing proceedings.
The Financial Conduct Authority’s test case showdown, in which it is representing the interests of approximately 8500 business interruption policyholders against a sample of eight insurers, is set to begin in court on 20 July. Post showcases the key…
The eight insurers involved in the Financial Conduct Authority’s business interruption test case have filed their defences with the court, alleging among other arguments that the pandemic is a global issue rather than local and therefore not covered.
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.
Reactions to Tuesday’s Financial Conduct Authority business interruption hearing suggest that insurers – or at least their lawyers – may be misreading the room.
Insurers’ counsel have decried the Financial Conduct Authority’s intention to use the “controversial” Cambridge analysis of Covid-19 spread in its business interruption test case, as representatives warned another trial might be needed to iron out…
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.
The Financial Conduct Authority has received 105 letters from MPs concerned about business interruption insurance, 51 relating to RSA’s Cottagesure policies, according a representative of the regulator, who revealed several key stats in his witness…
Insurers have been accused of mis-steps in claims handling on four counts by brokers, according to a witness statement from Financial Conduct Authority director of general insurance and conduct specialists Matthew Brewis.
Some insurers have now decided to pay up on business interruption policies, the regulator has said, but just how much of an impact do these 'u-turns' really have on the BI situation and consumer confidence?
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.
Eight insurers will participate in a High Court test case being prepared by the Financial Conduct Authority to rule on whether the wordings of business interruption policies provide cover to businesses hit by the coronavirus pandemic.
This month we put the insurance industry under the microscope - looking into how much progress the Lloyd's market has made to bolster diversity and inclusion in the sector, the efforts taken to pay out business interruption claims and the industry's…
Former CEO of Ageas UK Insurance François-Xavier Boisseau has joined the board of ERS as a non executive director.
Business interruption, the British Insurance Awards shortlist and Q1 results kept us busy this week, but it was a move by biggest-broker-in-waiting Aon that grabbed the most attention.
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.
Axa, China Taiping, RSA, Touchstone and Zurich have been named as potential group action targets by a hospitality business interruption action group.
In an ever-changing insurance landscape, brokers play an important role in identifying risks. For brokers, ensuring they ask their customers' the right questions will help them understand what risks they face and offer better support.
As insurers are fond of saying, every claim is an opportunity to show their customers the value of what they get for forking out their premiums.