Business interruption
Insurers accused of ‘dragging feet’ as extra FCA BI September trial dates mooted
Insurers have been accused of "dragging feet" in the Financial Conduct Authority's business interruption test case, as they sought additional hearing time in September to debate on the regulator's use of an analysis by the University of Cambridge to…
Action groups get go-ahead to intervene in FCA BI test case
Groups formed against Hiscox and QBE will “closely liaise” with the Financial Conduct Authority but are not permitted to increase the scope of the test case.
Briefing: Have insurers thrown brokers under the bus on BI?
There have always been points of conflict in the insurer and broker relationship but this week that reached a new low as RSA offered up Marsh as a human shield in its battle to avoid payment of business interruption claims for the Covid-19 pandemic.
Biba CEO blasts 'irrelevant' and 'unhelpful' insurer conduct in FCA BI test case
Insurers' comments about the duty of brokers made in the defences in the ongoing Financial Conduct Authority business interruption court case are "irrelevant" and "unhelpful" according to British Insurance Brokers' Association CEO Steve White.
Editor's comment: Strength in numbers
As Post celebrated its 180th birthday this year we’ve looked back at how the sector and the publication have weathered changes in technology, regulation and not least two world wars.
Marsh bites back as RSA alleges it is on the hook for wording in FCA BI test case
Marsh has disputed RSA allegations its clients should be liable for brokered policy contract issues in the Financial Conduct Authority’s business interruption test case, as brokers were dragged into the ongoing proceedings.
BI Case Notes: A who’s who of the FCA’s business interruption test case
Updated: The Financial Conduct Authority’s test case showdown, which the regulator has estimated could affected 370,000 policyholders, is expected to reach a climax on 15 January 2021 when the Supreme Court will rule on points of appeal.
Insurers lock horns with FCA in BI test case defences
The eight insurers involved in the Financial Conduct Authority’s business interruption test case have filed their defences with the court, alleging among other arguments that the pandemic is a global issue rather than local and therefore not covered.
Hiscox Action Group seeks 'limited' role in FCA BI test case
The Hiscox Action Group is seeking a “limited” role alongside the Financial Conduct Authority in the business interruption test case slated to be heard by the High Court in July.
Hiscox denies it 'refused' arbitration with £47m BI claim action group
Hiscox has denied that it 'refused' to participate in expedited arbitration proceedings launched by a group of businesses challenging the rejection of lockdown-related business interruption claims.
Analysis: The wordings under the magnifying glass in the FCA's BI test case
As preparations continue for a July test case to determine whether business interruption policies cover coronavirus lockdown losses, Post delves into the “representative sample” of wordings on which the court will be adjudicating.
Blog: Learning lessons from Covid-19
The Covid-19 crisis is unprecedented in the modern era and it is at such times that we tend to take stock and think differently about the world. Alex Kirykowicz, manager at Frontier Economics, reflects on the role that insurance markets have played and…
Briefing: FCA’s business interruption test case – misreading the room
Reactions to Tuesday’s Financial Conduct Authority business interruption hearing suggest that insurers – or at least their lawyers – may be misreading the room.
Blog: Covid-19 and its impact on Italy's insurance industry
The impact of Covid-19 has been felt across the global insurance industry and, for Italy's insurance industry more specifically, the largest and most direct impact will be from the high rates of hospitalisation in the country during the pandemic and the…
FCA disputes BI ‘conflict of interest’ allegations
The Financial Conduct Authority has today denied there is any conflict of interest in relation to the law firm engaged on its business interruption test case.
Liiba chief calls for greater role for brokers in provision of SME BI cover
Christopher Croft, CEO of the London and International Insurance Brokers’ Association has called for brokers to play a more active role in the sale of business interruption insurance to small and medium businesses.
Aston Lark's Peter Blanc on why a hard market is an opportunity for brokers
It always seems that when brokers want to be able to provide clients with reductions in costs to help see them through challenging times, the underwriters in the market are facing their own harsh realities and are forced to start insisting on rate…
Insurers and FCA butt heads on pandemic spread analysis in BI case
Insurers’ counsel have decried the Financial Conduct Authority’s intention to use the “controversial” Cambridge analysis of Covid-19 spread in its business interruption test case, as representatives warned another trial might be needed to iron out…
Hiscox plots comparison between Sweden and ‘draconian’ UK in BI test case
Hiscox could look to an analysis of the Covid-19 economic impact on Sweden versus the UK, which its counsel said has faced “draconian” lockdown measures, as a defence in the Financial Conduct Authority’s business interruption test case.
Analysis: Loss adjusters gear up civil unrest pandemic preparations
With Black Lives Matter supporters and far-right activists expected to take to the streets over the weekend and Brexit tensions threatening to resurface this year, loss adjusters say the potential for claims due to civil unrest will largely depend on how…
Explainer: 'Contra proferentem' in insurance
The Financial Conduct Authority has said if necessary it will argue 'contra proferentem' in its business interruption High Court test case. Post explores what this means.
Insurers' intent with regards pandemics 'not relevant or admissible', FCA will argue in High Court test case
Insurers’ contentions that wordings in business interruption policies are not designed to and do not provide cover in the event of pandemics will be disputed by the Financial Conduct Authority when it brings a test case before the High Court next month.
In numbers: The FCA’s business interruption insurance test case
Updated: The Financial Conduct Authority has received 105 letters from MPs concerned about business interruption insurance, 51 relating to RSA’s Cottagesure policies, according a representative of the regulator, who revealed several key stats in his…
Brokers flagged concerns to FCA over ‘long-term’ damage to industry due to BI claims handling
Insurers have been accused of mis-steps in claims handling on four counts by brokers, according to a witness statement from Financial Conduct Authority director of general insurance and conduct specialists Matthew Brewis.