As the year draws to a close and people prepare for some long overdue down time, it’s worth pausing to reflect on the role of conduct and culture in how insurance has dealt with challenges and how they can shape responses in 2021, says Sarah Dalgarno,…
With the Brexit transition period ending on 31 December, Post asked insurance trade bodies and associations about the biggest challenges and changes for the market.
The Financial Conduct Authority has told customers who purchased cover through insolvent South West-based Professional Construction Risks Limited to contact their insurers directly to confirm the status of their policies.
Insurers and policyholders will have to wait until next year for the final outcome of the Financial Conduct Authority-led business interruption test case, according to an update from the regulator.
The Financial Conduct Authority has issued a warning against a bookings software provider that marketed a cancellation insurance product to owners of UK holiday lets, following an investigation by Post.
The administrators of Elite Insurance have disclaimed all but two after the event insurance policies underwritten by the insurer.
Procurement in the 1980s and 1990s was all about who you knew. Tender processes then took over but today the market relies on a rolling review system to ensure customer service levels remain high and partners are delivering as they should on a day-to-day…
The Financial Conduct Authority has launched a consultation on guidance to policyholders, insurers and intermediaries on how the presence of Covid-19 in a particular area may be proved for the purposes of business interruption claims.
Insurance providers are set to be left with a £1.4m hole from the collapse of Coventry-based Inspire Insurance Services, with the broker's total deficit estimated at £2.7m by liquidators.
Humans are not designed to cope well with uncertainty.
With Lloyd’s, London market and wholesale broker accountability drawing the regulator’s attention in recent weeks, Michael Sicsic, managing director of Sicsic Advisory and former Financial Conduct Authority head of retail general insurance supervision,…
Proposed changes to the Financial Conduct Authority’s product governance rules could prove to have a greater long-term impact than the regulator’s prospective price walking ban, consumer research and compliance experts have said.
The Financial Conduct Authority has written to Lloyd’s and London Market insurers instructing them to “behave ethically and responsibly in the way they treat their customers, their employees and their counterparties” during the pandemic.
“Ridiculous”, “harmful”, “anti-competitive”. These were the words used by Money Supermarket managing director of financial services Graham Donoghue to describe wide ‘most favoured nation’ clauses during a Competition Commission hearing back in 2013.
Insurers have urged the Ministry of Justice to release the rules for the whiplash portal as soon as possible, after delays earlier this year.
The Supreme Court judges overseeing the Financial Conduct Authority's business interruption test case have pledged to work quickly but there is no certainty on when policyholders and insurers will get a decision.
Hiscox had pandemic possibility 'well in mind' when it drafted BI policies, action group tells Supreme Court
The Hiscox Action Group has responded and opened its appeal as part of the Supreme Court hearing on the business interruption test case.
Compare the Market has been fined £17.9m for its use of most favoured nation clauses.
The Financial Conduct Authority’s counsel today likened the spread of coronavirus to the Great Storm of 1987, appearing in front of the Supreme Court for the third day of the business interruption test case appeal.
Insurer defendants and the Financial Conduct Authority set out their starkly differing views on the use of trends clauses on day two of the ongoing business interruption test case hearing at the Supreme Court.
Insurers face responding to the Covid-19 crisis in an informational black hole, operational risk experts at Oric told Post.
The Prudential Regulation Authority will “sharpen” its focus on financial lines insurers and those with a material exposure to man-made catastrophe risk, in addition to advising insurers to revisit how they approach contract uncertainty, the regulator…
Inspire Insurance Services has gone into liquidation after the Financial Conduct Authority ordered the Coventry-based broker to shut up shop last month.
As the search for lesser-spotted clarity continues, simple confirmation from the regulator on which business interruption wordings are being contested, and by who, is a welcome aid.