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.
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.