Other insurers unlikely to intervene after RSA declines to appeal 'outlier' Marsh BI wording, say lawyers
RSA’s decision not to appeal the High Court’s rulings with regards to a widely-used Marsh wording is unlikely to result in another insurer launching an appeal of its own, with would-be interveners facing significant hurdles according to lawyers.
The world is devoting a lot of energy into finding a vaccine or ‘cure’ for Covid-19. We should know by now that false hope is not an antidote.
RSA’s appeal of the High Court business interruption test case ruling only covers two policies, court documents have revealed, and does not include the Marsh/Jelf resilience (RSA4) wording shared by multiple insurers.
The predicted coronavirus-related economic hit is being compared to the 2008 recession, with financial pressure a driver of insurance fraud.
Deputy Judge of the High Court Richard Salter QC has ruled in favour of Allianz in a business interruption and property damage legal dispute decision which he accepted may be “of consequence for other potential claimants” and “something of a footnote” to…
Around 44% of policyholders could find themselves with a shortfall in business interruption coverage due to a misunderstanding over gross profit.
Local lockdowns raise new questions about business interruption claims, particularly for the sector most affected by the latest measures: the hospitality industry. Forum of Insurance Lawyers members Laura McMillan, insurance and risk partner at Brodies,…
The business interruption test case is meant to be about co-operation to find clarity. Qatar Insurance Company’s attempt to intervene has rocked the boat.
Recently appointed managing director of the Managing General Agents’ Association Mike Keating has set out his vision for the association with growth of insurer partners high on the agenda.
Pool Re has published a forward-looking strategy looking at increasing the take up of catastrophe insurance by SMEs in light of current pandemic, ahead of its five-year review.
Brightside’s Brendan McCafferty on why the insurance industry needs to get real on its social contract
The insurance industry needs to find the right answers quickly if it is going to rebuild its reputation with the public, particularly after the recent business interruption court case and dual pricing headlines, says Brightside CEO Brendan McCafferty.
Six insurers and the Financial Conduct Authority have been granted permission to fast-track an appeal of last month’s business interruption test case judgment to the Supreme Court.
During Friday’s business interruption hearing, the court rejected an eleventh hour application by insurer QIC Europe Limited to intervene in the Financial Conduct Authority's test case.
The 100 largest UK-regulated insurers reported a combined underwriting profit in 2019, albeit lower than in 2018. Bond yields fell in 2019, however, investment earnings benefited from the strong performance of equity markets. How will the impact of the…
Lloyd’s has launched a parametric insurance product to cover SME business interruption losses caused by IT disruption or downtime.
Direct Line Group CEO Penny James spoke to Jen Frost about overseeing the business’s transformation programme under coronavirus, the group’s acquisitive appetite and having a healthy curiosity
The Financial Conduct Authority and seven out of the eight insurers involved in the regulator’s business interruption test case have filed applications to ‘leapfrog’ an appeal of the High Court judgment handed down earlier this month to the Supreme Court.
John Glen MP, economic secretary to HM Treasury, has rebuked insurers deducting government grants from business interruption claims payments and warned of further action.
Work to create a vehicle for dealing with catastrophic and systemic risks in the wake of the coronavirus pandemic must take into account the full spectrum of risks capable of causing comparable levels of disruption, prominent industry figures said on…
Last week the High Court found in favour of the Financial Conduct Authority on key issues in the business interruption test case. Post seeks to find out how the market feels about this.
Insurers that do not pay claims swiftly and choose to appeal following the judgment in the Financial Conduct Authority’s business insurance test case could end up paying out more under the Enterprise Act, lawyers have cautioned.
Managing general agents and coverholder brokers remain optimistic about the sector’s prospects despite warnings from lawyers on the implications of the recent business interruption court case.
It is important not to lose sight of what is at stake for the policyholders after the landmark ruling in the business interruption insurance test case this week.
Mishcon de Reya is encouraging dental businesses to join its action group against QBE following the High Court verdict in the Financial Conduct Authority’s business interruption test case.