Exclusive: Insurers seeking to recoup losses from other classes, such as event cancellation and wedding insurance, are threatening policyholders involved in business interruption group actions against them with legal action.
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 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.
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.
Let the good times [toilet] roll, it's British Insurance Awards shortlist time.
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.
Admiral confirmed it will recommend a final dividend for the year to shareholders, as it suspended a special dividend.
Insurers are expecting to payout £900m towards UK business interruption claims, latest figures from the Association of British Insurers show.
The Financial Ombudsman Service is prepared to progress a Covid-19 related complaint about business interruption cover as “quickly as possible” to help provide guidance to insurers and the growing number of disgruntled SME policyholders about what is -…
Whiplash reforms, including the implementation of the claims portal, have been pushed back to April 2021 due to the coronavirus pandemic.
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.
The Financial Conduct Authority has decided not to change the rules for premium finance as part of its guidance on temporary financial relief for consumer credit customers which came into force today.
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
Product quality is essential to business survival, and yet these days, it seems recalls are rarely out of the media. Mistakes happen and processes fail, but it’s often with disastrous consequences to the business and the brand. Andrew Robinson, head of…
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.
Insurance Covid Cast – episode one: How has the industry’s reputation been impacted by its handling of the coronavirus epidemic
In the first of a new series of video casts brought to you by Insurance Age and Insurance Post whilst our journalists are in isolation lockdown we discuss the sector’s response to the Covid-19 pandemic and what lasting impact it might have on its…
The Food Standards Agency recently issued a warning to companies involved in the manufacture and sale of cannabidiol products that goods could be taken off the shelves if those in the industry failed to give more information about the safety and contents…
The government should require e-scooter riders to buy insurance, according to a panel of experts speaking as part of Post’s Motor Insurance World Live on Wednesday.
A flurry of insurers have pushed pause on dividend payouts following Bank of England and European Union warnings on being prudent in the face of the coronavirus crisis.
Retroactive coronavirus pay outs would ‘seriously threaten the stability’ of global insurance industry
Global insurers have warned governments that if they impose retroactive pay outs for Covid-19 this will make it difficult if not impossible for insurers to respond to the crisis and other insured events.
Insurers should suspend discretionary dividends and shareholder bonus payouts until the impact of the coronavirus pandemic becomes clearer, the European Union insurance regulator has warned.
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.
Barclays' doctor assault victims denied compensation as court clarifies liability for 'independent contractor'
The Supreme Court ruled on Wednesday that Barclays Bank is not liable for the alleged sexual assault of more than 100 patients by a doctor carrying out medicals on the bank’s behalf.
Insurers plead with government to make early call on further whiplash reform delay in light of Covid-19
The whiplash reforms implementation date should be delayed and a realistic timescale put in light of the Covid-19 epidemic.