Business interruption
'No magic bullet' to fix Covid-19 reputation hit, says Hiscox as it posts $268m loss
There is “no magic bullet” Hiscox can use to remedy the hit to its reputation suffered through the long-running disputes over business interruption cover, the insurer’s global retail CEO Ben Walter has said.
£77m Covid impact drives RSA UK loss
Scott Egan, RSA’s UK and international CEO, has said the division delivered a “strong” performance in 2020, despite the impact of Covid-19 bringing a halt to its return to profitability in the UK.
Trade Voice: Biba's Steve White on why insurance-bashing headlines won't help small businesses
Steve White, CEO of the British Insurance Brokers' Association, argues that sweeping headlines in the wake of last month's Supreme Court business interruption test case judgment haven't helped anybody.
Interview: Rob Gibbs, RSA
Having worked at RSA for more than two decades, commercial managing director Rob Gibbs has certainly seen his fair share of the business, both in the UK and overseas. He speaks to Jonathan Swift about his latest challenge, navigating a newly combined…
Exclusions will widen the expectation gap, FOS chief warns insurers
Financial Ombudsman Service CEO Caroline Wayman has cautioned insurers that adding exclusions to policies which have generated claims during the pandemic would widen the gap between policyholder expectations and the reality of their cover.
John Glen MP says more 'clarity' around insurance contracts needed following BI crisis
The insurance industry will play a significant role in supporting economic recovery as the United Kingdom emerges from lockdown, Economic Secretary to the Treasury John Glen MP has said, as he urged for more "clarity" around what insurance covers going…
Vital that valid BI claims are settled quickly after test case, ABI chair Jon Dye tells insurers
The dispute over business interruption cover has undoubtedly been difficult and most people will have only seen one set of headlines about the insurance industry during the pandemic, Allianz UK CEO and Association of British Insurers chair Jon Dye told…
Allianz BI claims came from broker wordings says CEO Jon Dye as insurer reveals 2020 results
Allianz was hit by £175m of UK Covid-19 business interruption claims in 2020, net of reinsurance, the insurer has said, as LV confirmed 300 redundancies from its Legal & General integration.
Briefing: BI claims portals a savvy loss adjuster initiative – but policyholders feel they are stuck ironing out kinks
Loss adjusters have created portals to deal with a deluge of business interruption claims, but some under pressure policyholders are struggling to get to grips with their requirements – can the industry do more to help?
Blog: Underinsurance in a hardening market
Alistair Steward, Questgates director, mulls the problem of underinsurance for businesses facing a hardening market.
Fully Comp: One month on, how much clarity has the Supreme Court BI ruling actually brought?
For the twelfth episode of Post’s video series we gathered a group of experts together to consider the ruling in the Financial Conduct Authority business interruption test case.
Interview: Rob Brown, Charles Taylor group CEO
After more than four decades spent in underwriting and broking, Rob Brown chose to try his hand at insurance services as group CEO at Charles Taylor last year. He talks to Jonathan Swift about why, given the bountiful opportunities the PE-backed firm has…
Hiscox Action Group warns insurers may seek to ‘read down’ BI ruling
Insurers have responded to draft declarations regarding the Supreme Court’s January business interruption ruling, with the Hiscox Action Group flagging concerns that they may seek to “read down” the judgment.
Ratings agencies see ‘meaningful debate’ between insurers and reinsurers over Covid-19 recoveries
Experts have reiterated that insurer ratings are unlikely to be hit by the outcome of the Supreme Court’s Covid-19 business interruption claims ruling but noted that there will “meaningful debate” over how much insurers can claim from their reinsurers.
Insurance affordability and availability issues do not equate to market failure: ABI's James Dalton
The Covid-19 pandemic has not led to market failures in the UK insurance sector, James Dalton, director of general insurance policy at the Association of British Insurers, has said.
Blog: The business interruption imbalance – and the role of advice
Bruce Hepburn, CEO of Mactavish, argues that the business interruption fallout stems from an imbalance, and questions broker accountability over advice.
Disputes over furlough deductions from BI claims continue as adjusters and assessors call for clear guidance
Loss adjusters and assessors have called on the government and regulators to publish clear guidance on how government support received by businesses is to be treated in respect of lockdown-related interruption claims.
Intelligence: State insurance - The last resort
The global pandemic of 2020 saw insurers stepping back from coverage in some areas of the market and led to calls of a Pandemic Re backed by the government. Post asks if the government can and should step into the void as the insurer of last resort
Analysis: More uncertainty for BI policyholders over losses beyond first lockdown
Many business interruption policyholders may only be able to claim for losses suffered during last year’s first coronavirus lockdown, with cover for subsequent losses depending on factors such as the wordings of their policies and their renewal date.
Debenhams and Weddingplan insurer ‘considering’ impact of Supreme Court ruling on wedding claims
The businesses behind Weddingplan and Debenhams wedding insurance are “considering” the impact of the Supreme Court judgment and what it means for policyholders who did not get lockdown payouts for cancelled weddings, Post has learned.
FCA will use ‘full range’ of regulatory tools and powers to ensure insurers meet expectations after BI ruling
The Financial Conduct Authority has set out the next steps it expects insurers to take after the Supreme Court judgment on the Covid-19 business interruption claims test case last Friday.
Software house witnesses fortyfold increase in BI claims
There was a fortyfold increase in business interruption claims put through software house Acturis in the week of the Supreme Court Covid-19 business interruption judgment, Post can reveal.
FCA proposes to cap CMC fees saving consumers £9.6m a year
The Financial Conduct Authority has published proposals to cap the fees claims management companies can charge their customers.
Commission-hungry claims firms target Covid-hit businesses
Claims firms and no-win-no-fee solicitors have ramped up attempts to get businesses to make Covid-related claims with them following the Supreme Court business interruption ruling – but insurance experts are concerned that fees could be as much as 40% of…