Business interruption
Beazley and Chubb reveal Q1 coronavirus hits
Beazley has reported a $170m (£137.7m) impact from Covid-19 related claims while Chubb took $13m of pre-tax $13m losses in the first quarter of the year.
RSA faces group action over disputed Cottagesure BI wording
RSA faces a legal challenge from a group of 50 businesses which had claims rejected for losses sustained due to Covid-19-related closures, Post has learned.
MP calls on government to force insurers to use dividends to pay coronavirus claims
Plaid Cymru MP Jonathan Edwards has tabled an Early Day Motion calling on the government to instruct insurers to put their dividends towards settling insurance claims resulting from the Covid-19 pandemic.
Hiscox confirms $175m coronavirus claims hit
Hiscox has confirmed it expects to pay net claims of $150m (£121.6m) due to the coronavirus crisis with the potential for another $25m if the current restrictions on “mass gatherings” are extended beyond six months.
Brokers warned that pandemic crisis will trigger rise in PI cases
Brokers and industry specialists are expecting to see a spike in claims against broker professional indemnity policies as a result of the ongoing coronavirus pandemic.
Blog: Coronavirus business interruption insurance – devil is in the detail for Hiscox and others
Most businesses will not be insured for Covid-19 disruption and in many cases the wording is clear cut. But for others, the devil is in the detail and policy wordings suggest that insurers should cough up vital interim payments sooner rather than later.
Aviva, RSA and Aon bosses among insurance leaders launching Pandemic Re steering group
Insurance heavyweights from across the market have come together to launch a steering group to improve the industry’s response to future pandemics.
Nightlife broker seeks legal advice after QBE rejects clients' Covid-19 claims
NDML Insurance Specialists, an insurance broker that caters to nightclubs, has sought legal advice after around 60 of its clients had claims for coronavirus-related closures rejected by insurer QBE, Post has learned.
Brightside's Brendan McCafferty on how the insurance industry is adjusting in the time of coronavirus
The insurance industry is going through a difficult time, like many sectors, in full view of the court of public opinion says Brendan McCafferty CEO at Brightside.
Hiscox Action Group grows to more than 100 businesses
A group of businesses taking on Hiscox over rejected Covid-19-related business interruption claims has grown to over 100 firms, Post has learned.
Blog: History is on Hiscox's side as claimants threaten Covid-19 BI legal action, but will its brand suffer?
This week Hiscox publicly defended itself against accusations it is refusing to pay valid claims linked to Covid-19 as a coalition of policyholders threatened legal action. Post content director Jonathan Swift reflects on the history of insurance action…
Hiscox fires out response as BI conflict rumbles on
Hiscox has outlined its exposures to coronavirus losses as businesses that have had claims for coronavirus-related interruption rejected by the provider have come together, calling themselves the Hiscox Action Group.
Settle Covid-19 claims fast and make interim payments, FCA tells BI insurers
The Financial Conduct Authority has said it will assess how insurers are interpreting business interruption policies, as it urged firms to settle valid claims quickly.
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.