Regulation
Insurers lock horns with FCA in BI test case defences
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.
180 Years of Post: Corporate collapses
As Post celebrates 180 years, we look at the companies that have come and then very quickly gone and ask what today's insurers can learn from them.
Former RSA Ireland CFO fined €70,000 and barred for eight years
Rory O’Connor, former executive director and chief financial officer of RSA Ireland Insurance, has been fined €70,000 and disqualified for eight years and four months by the Central Bank of Ireland.
Briefing: FCA’s business interruption test case – misreading the room
Reactions to Tuesday’s Financial Conduct Authority business interruption hearing suggest that insurers – or at least their lawyers – may be misreading the room.
FCA disputes BI ‘conflict of interest’ allegations
The Financial Conduct Authority has today denied there is any conflict of interest in relation to the law firm engaged on its business interruption test case.
Insurers and FCA butt heads on pandemic spread analysis in BI case
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…
Hiscox plots comparison between Sweden and ‘draconian’ UK in BI test case
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.
FCA flags Financial Services Register clone site
The Financial Conduct Authority has flagged an attempt to reproduce its Financial Services Register on a non-FCA website.
Explainer: 'Contra proferentem' in insurance
The Financial Conduct Authority has said if necessary it will argue 'contra proferentem' in its business interruption High Court test case. Post explores what this means.
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.
In numbers: The FCA’s business interruption insurance test case
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…
Brokers flagged concerns to FCA over ‘long-term’ damage to industry due to BI claims handling
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.
Covid-19 Resilience Survey 2: Two-thirds of insurance staff are not keen to return to the office, while 90% are anxious about using public transport
The majority of insurance staff feel worried or anxious about a return to the office environment, while 90% of those surveyed had major concerns about using public transport to get there a survey by Post has found.
This month: Opportunities await
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.
Government's £10bn trade credit support package gets cross-industry welcome
Trade credit insurers operating in the UK market will receive up to £10bn of government guarantees, ministers announced today.
FCA's role evolving as 'product value policeman', says CMS
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.
FCA enacts guidance on insurance value during Covid-19 crisis
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.
Briefing: Business interruption insurance – reported ‘u-turns’ have yet to prove significant
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?
R&Q reveals record profits as it unveils growth ambitions
Randall & Quilter Investment Holdings has reported a 180% rise in pre-tax profit from continuing operations to £40.1m for the year ended 31 December 2019.
Insurance Monitor: Can the industry regain control?
In this month’s column, David Worsfold looks at the industry’s stumbling response to Covid-19, the investigation fees travel insurers may face and why Brexit needs to move back up the boardroom agenda
Insurance Covid-Cast episode 18: Brit's James Birch on digital Lloyd's start-up Ki's plan to be a top 10 syndicate by 2025
Ki, the new standalone algorithmically-driven digital Lloyd’s syndicate launched by Brit Insurance in collaboration with technology giant Google, aims to be a top ten player in terms of capacity by 2025.
Gibraltar regulator adds former ABI leader Stephen Haddrill to board
The Gibraltar Financial Services Commission has appointed ex Association of British Insurers director general Stephen Haddrill and former director general of the Association of Independent Financial Advisers Paul Smee to its board.
FSCS 'working with' Gable liquidators after premium refunds court ruling
Exclusive: The Financial Services Compensation Scheme is working with failed insurer Gable's liquidators to understand the impact of a European Free Trade Association court judgment on recoveries, with some of the insurer's policyholders set to lose out.
Insurance Covid-Cast episode 17: As coronavirus hits has Brexit planning fallen by the wayside?
Our expert panel warns that brokers with EU trade who haven't acted already may have left it too late.