Hiscox could look to an analysis of the Covid-19 economic impact on Sweden versus the UK, which its counsel said has faced “draconian” lockdown measures, as a defence in the Financial Conduct Authority’s business interruption test case.
No – it’s not a Harry Potter spell. This week the Financial Conduct Authority said it would whip out the ‘contra proferentem’ argument on behalf of policyholders in its business interruption test case against insurers.
The Financial Conduct Authority has flagged an attempt to reproduce its Financial Services Register on a non-FCA website.
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.
Updated: 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…
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.
There is a “real perception of intransigence from the insurance industry … [and] lack of willingness to engage and support business” during the coronavirus pandemic, according to Caoimhe Archibald, chair of the Northern Ireland Assembly’s Economy…
This month marked the return of Post’s annual Insurtech 100, in association with Sønr, a celebration of companies that are driving growth and innovation across the insurance industry.
The Financial Conduct Authority’s new guidance issued today is far more than a helpful steer as the watchdog’s “product value policeman” role develops, according to CMS financial services partner Simon Morris.
The Financial Conduct Authority has brought new guidance into force with immediate effect, telling insurance businesses to consider the impact of the coronavirus pandemic on the value of their products.
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.
Action group members challenging insurers over rejected coronavirus-related business interruption claims would be better off waiting for the outcome of the Financial Conduct Authority's test case before embarking on proceedings, an expert advising…
Claims farmers looking to exploit the new type of claims arising from coronavirus will contribute to an increase in fraud, warn lawyers.
Very few people have 20/20 vision and there is no exception to this when looking forward to what impact the year 2020 will have on the reinsurance market writes Gavin Coull, London Forum of Insurance Lawyers executive committee member and partner at…
Law firm Edwin Coe has invited businesses that have been denied business interruption cover by Hiscox and RSA to join two group claims it is putting together, as litigation against insurers by rejected policyholders cover continues to proliferate.
The introduction of further guidance on premium finance by the Financial Conduct Authority including three month payment deferrals for customers hit by the economic impact of the coronavirus pandemic has gone well according to market players.
The Financial Conduct Authority has invited policyholders and brokers with unresolved Covid-19-related disputes with insurers over business interruption polices to put forward their arguments for why claims should be paid.
The Financial Conduct authority has confirmed temporary measures aimed at helping insurance customers who find themselves in financial difficulty due to the coronavirus pandemic, including requiring payment deferrals.
The number of adults identifying as vulnerable in the home and motor insurance markets has doubled in the last year and insurers have been urged to ensure they are being inclusive as the regulator reviews their actions.
The British Insurance Brokers’ Association and premium finance providers have warned of a possible hit to broker solvency in the event of bad debts under the proposed guidance issued by the Financial Conduct Authority last week.
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.