Business interruption
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.
Insurers to continue BI dispute at fast-tracked Supreme Court appeal
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.
QIC cannot intervene in BI test case appeal
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.
Top 100 UK Insurers 2020
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 insurers launch parametric product to cover SME IT downtime
Lloyd’s has launched a parametric insurance product to cover SME business interruption losses caused by IT disruption or downtime.
Interview: Penny James, Direct Line Group
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
FCA and seven insurers file 'precautionary' applications for Supreme Court BI test case appeal
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.
Government hits out at insurers over grant deductions from BI claims
John Glen MP, economic secretary to HM Treasury, has rebuked insurers deducting government grants from business interruption claims payments and warned of further action.
Industry must look at risks beyond pandemic in tackling non-damage BI challenge
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…
Have your say on the FCA's BI Test case outcome
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 risk falling foul of Enterprise Act if BI appeals fail
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.
Coverholders upbeat despite lawyer warnings after BI case
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.
Briefing: The search for clarity continues after the BI ruling
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.
QBE group action woos dentists after BI judgment
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.
Insurer shares climb despite BI payout predictions
Some of the Insurers involved in the Financial Conduct Authority’s business interruption test case saw share prices increase following the verdict, despite participants being told to pay out for some claims.
QBE forecasts $70m net hit after BI ruling
QBE has predicted that it faces a $70m (£54.3m) hit net of reinsurance for business interruption claims in the UK after the court ruling yesterday on the BI test case.
Zurich says its BI wordings not triggered in FCA test case
Zurich policies under scrutiny in the Financial Conduct Authority’s business interruption test case are not expected to pay out, the insurer has confirmed in an update.
FCA BI test case: Insurers likely to appeal - but at what cost?
Insurers have been urged to consider the “reputational damage they may suffer” before appealing the Financial Conduct Authority's business interruption test case judgment.
Action group courts businesses as Marsh policy predicted to pay out
The Hospitality Insurance Group Action is seeking more members, after a court ruling suggested a policy brokered by Marsh for several insurers is likely to pay out.
Ecclesiastical does not expect to pay out on BI policies following High Court ruling
Insurer Ecclesiastical has confirmed its business interruption policies are not expected to pay out following a judgment in the Financial Conduct Authority’s High Court test case.
RSA estimates £104m hit from FCA BI judgment
RSA has revealed the additional financial impact of the Financial Conduct Authority test case judgment is £104m, or £85m net of reinsurance.
Hiscox pegs Covid BI claims at ‘less than £100m’ after judgment
Hiscox expects to pay ‘less than £100m’ net of reinsurance towards business interruption claims, the insurer said in an update following a court judgment.
High Court finds in favour of FCA on majority of issues in BI case
The High Court has ruled that the majority of businesses that held business interruption insurance and were forced to close could be entitled to be compensated by the insurers involved in the test case, subject to appeal.
LV’s Steve Treloar on demonstrating value to customers
In an ever more uncertain world, customers want ‘peace of mind’ and the confidence of knowing they are covered if things go wrong. Covid-19 has brought fear and distrust explains Steve Treloar, CEO, LV General Insurance Group.