Business interruption
Hastings pushes ahead with dividend payment plan
Hastings Group has confirmed it will propose a final dividend of 5.5p per share at its AGM on 21 May despite calls from regulators for the industry to suspend payments during the coronavirus pandemic.
Hiscox rejects 'Public Authority' clause interpretation as coalition of BI claimants threaten class action
Hiscox faces a potential class-action lawsuit from policyholders that have had business interruption claims rejected.
Be Wiser's Mark Bower-Dyke on the role of insurers during the coronavirus pandemic
As Covid-19 sweeps the globe, Mark Bower-Dyke chairman at Be Wiser Insurance, explains the critical role insurers play in these challenging times and why they need to step up to the plate.
Editor's comment: Be kind
As I write this the sun is on my back, the windows are open, the first days of spring mean new flowers are poking their heads above the soil, bees are buzzing, and my cat is chasing her tail in the garden.
Analysis: US insurers face 'thin end of the wedge' on mandated coronavirus BI cover
Lawyers remain confident the UK government won’t follow the US in mandating payouts for Covid-19 on business interruption policies after four US states tabled legislation that would require disruption caused by the coronavirus pandemic to be covered.
PRA warns insurers on shareholder payouts and remuneration
The Prudential Regulation Authority has warned insurers to “pay close attention” to protecting policyholders and supporting the economy when considering how profits are dished out.
CII boss Sian Fisher on reacting to the coronavirus crisis
There have been three occasions when Sian Fisher, CEO of the Chartered Insurance Institute, went to the office and thought “things will never be the same again”.
Insurance Monitor: Act now to start repairing the reputational damage
In this month’s column, David Worsfold, looks at insurers’ reputation as they respond to the coronavirus, at why being flexible is key and what the long-term impacts might be
Q&A: Julian Enoizi, Pool Re
Julian Enoizi, CEO of Pool Re, discusses coronavirus, the reclassification of Pool Re, tapping the ILS market again and moving to a treaty basis to help increase SME take-up of terrorism cover. He also responds to press speculation about ‘Pandemic Re’…
ABI promises ‘best endeavours’ on data for Treasury Committee’s Covid-19 questions
Huw Evans, director general of the Association of British Insurers, has flagged that the trade body does not collect most of the data requested in a series of questions by Treasury Committee chair Mel Stride on the industry’s response to the coronavirus…
Chubb responds to Maze ransomware hack claims
Leading cyber insurance specialist Chubb has been targeted by hackers who claim to have encrypted files and stolen data.
Analysis: How insurance law firms are responding to the coronavirus - virtual forums, video evidence and resolution based on documentary evidence
In light of the coronavirus pandemic, Jonathan Swift, director of content for Infopro insurance division, caught up with a number of insurance law firms to find out what they are doing to manage case loads and meetings during these difficult times; and…
Lloyd's details coronavirus impact as it posts 2019 profits
The insurance industry must get better at explaining the products it offers, Lloyd’s CEO John Neal said, as the market’s aggregated results for 2019 showed it returning to profit on the back of large investment earnings.
Treasury Committee questions ABI on coronavirus response
Treasury Committee chair Mel Stride has asked Association of British Insurers director general, Huw Evans, to address queries on the insurance response to the coronavirus pandemic.
Blog: Cover for Covid-19 – the devil is in the detail
As the coronavirus outbreak continues, Simon Brooks, co-head of Eversheds Sutherland Global Insurance Group argues while much is being said publicly about the availability of cover for Covid-19 related losses, there is such a wide variety of business…
Non-damage extensions could provide BI cover but claims will be difficult, says Marsh
Businesses’ insurance programmes are most likely to respond to disruption caused by the coronavirus pandemic through non-damage extensions but only after a difficult claims process, Marsh UK practice leaders have said.
This week: The bad news
What a week. The coronavirus may be an invisible threat, but its fallout – both within and beyond the insurance industry – is hard to miss.
Blog: Covid-19: ‘boiler plate’ clauses and statutory obligations will come into sharp focus in the coming months
Business interruption policies have come under the spotlight with the coronovirus pandemic but Tamsin Hyland, an associate solicitor at Plexus Law, explains that as real life business continuity begins to be enacted, changing risk management could put…
Not appropriate to change insurance policies retrospectively, says Chancellor
The Chancellor of the Exchequer, Rishi Sunak, has told the House of Commons that retrospectively changing insurance policies could cause insolvency issues for insurance companies and is not the most appropriate course of action.
Government clarifies BI payouts after insurer meetings
The Chancellor of the Exchequer, Rishi Sunak, has confirmed that businesses hit by yesterday’s government guidance for the public to avoid unnecessary contact through going out can claim on their business interruption policies where they have pandemic…
ABI confirms 'most businesses' will not be insured for coronavirus closures
The Association of British Insurers has issued a statement confirming that most companies won't have purchased insurance cover that would enable them to claim following the government's advice yesterday on coronavirus.
Analysis: Florists and flower stockist - Growing cover
The popularity of the Chelsea Flower Show has driven demand for small florists to start up and for larger garden centres to expand. Are their insurance needs being met though?
Budget 2020: IPT stays the same as government bolsters flood defence spending
Insurance Premium Tax has remained at 12% in today’s Chancellor’s budget, as the government pledged to boost spending on flood defences.
Axa's Jon Walker on SMEs and underinsurance
An underinsured business will find it hard to recover from a claim event and the recent storms and floods show that the risks have never been so high – or the consequences so potentially devastating – as when that business is an SME.