Business interruption
Orient Express: What if the Supreme Court goes against precedent in the FCA BI test case?
During the High Court hearing of the Financial Conduct Authority’s business interruption test case, the regulator argued that reversing the judgment in the historic Orient Express case would “restore sanity”. If the Supreme Court chooses to overrule the…
Supreme Court BI judgment deadline uncertain
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.
BI test case: Warnings verdict and media confusion could enable fraudsters
The confusion created by the High Court’s decision in the Financial Conduct Authority's business interruption test case, with both parties claiming victory, could act as an enabler for fraudsters, according to experts speaking at Post’s Claims and Fraud…
Coronavirus the 'disease equivalent' of the Great Storm of 1987, Supreme Court hears
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.
Insurers and FCA clash on trends clauses in Supreme Court BI test case
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.
Local coronavirus cases did not cause national lockdown, BI insurers tell Supreme Court
The Supreme Court heard arguments from lawyers representing QBE, Argenta and MS Amlin on Monday as insurers began their appeal of the September judgment handed down in the Financial Conduct Authority’s business interruption test case.
PRA zones in on financial lines, man-made cat exposure and contract uncertainty
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…
Software house stats lay bare the BI claims workload
Figures collated by Acturis for Post have revealed there were over 39 times more business interruption claims handled by brokers through the software house since the start of the coronavirus pandemic than the average seen across the same periods of 2018…
Supreme Court BI test case judges oversaw Orient Express ruling
Lawyers suggested experience will trump "ego" after it emerged two of the judges on the Supreme Court business interruption test case panel oversaw rulings on Orient Express, a case that has been hotly contested during proceedings between the Financial…
Analysis: Innovating in insurance-linked securities
Where other investment markets have struggled during the global pandemic insurance-linked securities have weathered the storm well. Post finds out how London’s young regime is fitting into the existing global markets and whether there is still innovation…
Analysis: BI claims 'avalanche' warning as loss adjusters look to tech
Loss adjusters are looking to technology to deal with business interruption claims, with the market preparing for a possible influx following the upcoming Supreme Court test case review.
Briefing: The Seven Year Pitch - Why has it taken Stephen Hester so long to sell RSA?
Almost seven years after he took over as group CEO, Stephen Hester looks like he is finally closing in on a sale for RSA. The big question, as Post content director Jonathan Swift asks, is why has it taken so long?
Briefing: BI test case verdicts and appeals broken down – In pursuit of clarity
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.
Top 30 Asia-Pacific Insurers: Bracing for uncertainty
Although non-life insurers in Asia performed modestly in 2019, the past nine months has been bumpy for the industry. Christie Lee, senior director of analytics for Asia-Pacific at AM Best, discusses the region’s performance over the past year
BI reputation hit to be felt by all but motor initiatives could soften impact, says ABI GI head
Reputational damage from Covid-19 can be expected across all lines of insurance, but initiatives introduced by motor insurers at the beginning of the year could soften the blow, an Association of British Insurers representative has suggested.
Video: Driving change in insurance and rebuilding trust in the market - both during and after the pandemic
Pre- or post Covid, insurance has been on the cusp of major change for a number of years.
Insurers criticised for furlough payment deductions from BI claims
Insurers have been accused of “banking government money to reduce their loss by increasing the policyholder loss” as they faced criticism for deducting furlough payments from the value of business interruption claims.
Interim payments expected for BI policyholders with Marsh-authored RSA wording
Some businesses with policies that employ a Marsh wording can expect interim payments “imminently” following RSA’s decision not to appeal a High Court judgment, which found it provided cover for disruption caused by the coronavirus pandemic.
Supreme Court BI test case hearing confirmed for November
The Supreme Court will start hearing the appeals of six insurers, the Hiscox Action Group and the Financial Conduct Authority in the ongoing Covid-19 business interruption test case on Monday 16 November, the FCA has confirmed.
Analysis: FCA sets sights on broker failures
The Financial Conduct Authority’s Dear CEO letter at the start of September revisited its concerns about insurance intermediaries being at risk of financial failure during the Covid-19 crisis and the need to plan for orderly wind-downs.
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.
Briefing: False hope is no antidote - a business interruption appeal is still firmly on the table
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 opts against appeal on Marsh wording in BI test case
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.