Insurers, brokers, premium finance lenders and more have been told by the Financial Conduct Authority to consider giving payment deferrals and refunds as well as waiving cancellation fees to customers hit financially by the coronavirus epidemic.
The Financial Conduct Authority has ordered firms to analyse if and how the coronavirus pandemic has impacted the value of personal and commercial lines insurance products and take appropriate actions.
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.
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.
The Financial Conduct Authority has sent out letters to approximately 300 brokers and managing general agents asking them to provide detailed information regarding their financial resources and client money accounts.
It clearly is not great for the insurance industry’s reputation “to be in a position where it has so many unhappy customers,” Huw Evans, director general of the Association of British Insurers has admitted.
Exclusive: The insurance industry is heading towards “considerable damage” to its public standing due to its handling of business interruption insurance claims during the ongoing coronavirus crisis, Jonathan Edwards MP has warned.
Brokers and industry specialists are expecting to see a spike in claims against broker professional indemnity policies as a result of the ongoing coronavirus pandemic.
Before the insurance industry fully realised the potential of open banking and the opportunities this Payment Services Directive 2 initiative affords them, the Financial Conduct Authority called for input to its 2020 open finance consultation paper. For…
Most businesses will not be insured for Covid-19 disruption and in many cases the wording is clear cut. But for others, the devil is in the detail and policy wordings suggest that insurers should cough up vital interim payments sooner rather than later.
Brightside's Brendan McCafferty on how the insurance industry is adjusting in the time of coronavirus
The insurance industry is going through a difficult time, like many sectors, in full view of the court of public opinion says Brendan McCafferty CEO at Brightside.
UK insurers are coming under increased scrutiny as Covid-19 worsens. And this week that was certainly the case for Hiscox after businesses threatened the insurer with a class action lawsuit for rejecting claims related to the Covid-19 outbreak.
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.
Hastings Group has confirmed it will propose a final dividend of 5.5p per share at its AGM on 21 May despite calls from regulators for the industry to suspend payments during the coronavirus pandemic.
Keeping policyholders on the road after an accident or the theft of a vehicle has driven a number of mobility solutions. But, with consumer sentiment shifting and more options becoming available to insurers, the post-loss mobility market is set to evolve
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 Financial Conduct Authority has proposed a range of stop-gap measures to help consumer credit customers manage the financial hit from the coronavirus pandemic.
The Prudential Regulation Authority has warned insurers to “pay close attention” to protecting policyholders and supporting the economy when considering how profits are dished out.
There have been three occasions when Sian Fisher, CEO of the Chartered Insurance Institute, went to the office and thought “things will never be the same again”.
In this month’s column, David Worsfold, looks at insurers’ reputation as they respond to the coronavirus, at why being flexible is key and what the long-term impacts might be
Storms Ciara and Dennis hit the UK in early February and a little over six weeks later Prime Minister Boris Johnson put the country in effective lockdown after the Covid-19 virus was declared a pandemic by the World Health Organisation. Stephanie Denton,…
Huw Evans, director general of the Association of British Insurers, has flagged that the trade body does not collect most of the data requested in a series of questions by Treasury Committee chair Mel Stride on the industry’s response to the coronavirus…
The AA and Sabre Insurance Group have both delayed the publication of their preliminary financial results after a request from the Financial Conduct Authority to all UK listed companies last week.
The Association of British Insurers and the British Insurance Brokers’ Association have both welcomed the steps outlined by the Financial Conduct Authority to help identify key workers in financial services.