Business interruption
Briefing: Walls closing in on insurers’ business interruption furlough savings
The pressure is mounting for insurers to rethink business interruption furlough savings, Post news editor Jen Frost argues in the wake of a landmark Australian judgment.
Corbin & King’s £4.4m victory against Axa opens insurers up to more and larger BI claims
The Commercial Court has ruled that Axa must indemnify restaurant group Corbin & King £4.36m for closures during the first year of the pandemic.
O'Dwyer focuses on collaboration in ABI address
Current industry challenges require collaboration if much needed support is to be delivered, ABI president and Royal London CEO Barry O’Dwyer has told insurers.
Partners&’s Phil Barton calls for a new commitment to giving quality advice
In the aftermath of the Supreme Court’s business interruption ruling, brokers must now ditch the transactional practices of the past for an advice-led approach to rebuild the marketplace’s reputation, argues Phil Barton, CEO of Partners&.
Editor's comment: Celebration or commiseration
We are a family that is big on marking the passing of time – birthday, anniversaries and well just any excuse to get together really – good job too with no less than six family birthdays in January alone.
Three BI cases collectively seeking up to £960m to be heard back-to-back by court
The Commercial Court is set to hear three cases relating to Covid-19 business interruption claims made under the Marsh Resilience wording back-to-back over five weeks in June and July.
Trade Voice: Bila's Caroline Bell on why 2022 is the time for a renewed focus on wordings
Dr Caroline Bell, British Insurance Law Association committee member, and senior wordings counsel at Convex Insurance, reflects on the innovatory and future-proofing potential of policy wordings after a year that underscored that the words on the page –…
Judge to hand down Corbin & King v Axa BI decision 'as quickly as possible' as trial ends
The trial in the case of Corbin & King v Axa, the outcome of which is eagerly anticipated by insurers and would-be business interruption claimants alike, came to a close on Wednesday.
FCA lacks ‘precision’ and regulators need greater accountability, inquiry hears
London Market trade body representatives have told a Lords’ inquiry that the regulator’s ‘one size fits all’ approach to insurance must change and more accountability is needed.
Axa and Corbin & King trade arguments on first day of BI cover trial
The trial between upmarket restaurant group Corbin & King and Axa began on Tuesday, with Mrs Justice Cockerill hearing submissions from both sides.
Biba calls for IPT cut to 10% with 2022 manifesto launch
The British Insurance Brokers’ Association has urged the government to cut Insurance Premium Tax to 10% in the next budget and pushed for targeted relief for three areas.
Analysis: Covid BI disputes rage on a year after Supreme Court judgment
The final bill for coronavirus-related business interruption claims could yet run much higher than the £1.3bn paid out so far depending on how issues left unanswered are resolved in the months – and possibly years – ahead.
Intelligence: Hardening continues with reinsurance renewals
January’s renewals saw reinsurers playing hardball not only in their pricing, but also in the structures of their clients’ reinsurance programmes. Post explains why the hardening market is not driven by a lack of capital, but by renewed underwriting…
Insurers ask loss adjusters for furlough deduction data as potential litigation looms
Loss adjusters have been asked by insurers to quantify furlough payment-related savings on Covid-19 business interruption claims.
Allianz: cyber usurps BI as biggest risk; Direct Commercial gets PE investment; Ford and ADT reveal JV Canopy; and Tractable launches AI Property
For the record: Post wraps up the major insurance deals, launches and investments of the week.
RSA and QIC face BI group action from hospitality businesses
Law firm Edwin Coe has launched an action group to start proceedings against RSA and Qatar Insurance Company Europe, arguing that businesses are entitled to payouts for lockdowns in 2020 beyond the initial March restrictions.
Analysis: Loss adjusters’ BI avalanche experience – from portals to what comes next
Loss adjusters have praised the use of technology to meet Covid-19 related business interruption claims and called for more enhancements as the market adapts its systems and approaches.
Pub chain's £845m BI claim set to be heard by Commercial Court in June
An £845m lawsuit brought by pub chain Stonegate against insurers MS Amlin, Liberty Mutual and Zurich is to be heard by the Commercial Court next June.
Review of the Year 2021 – Claims and legal
Post spoke to loss adjusters and lawyers to get their thoughts on the highs and lows of 2021.
Review of the Year 2021 – Brokers and MGAs
Post spoke to brokers and MGAs to get their thoughts on the highs and lows of 2021.
Review of the Year 2021 – Insurers
Post spoke to major insurers to get their thoughts on the highs and lows of 2021.
Intelligence: Insuring the hydrogen boom
Hydrogen’s promise as a greener fuel source for heavy industry looks set to spur a boom in the industry over the next decade. Post looks at the risks involved and how insurers are acting to meet the needs of a growing sector.
Intelligence: Fine art - Putting insurers in the picture
Fine art is a very traditional and discreet market, with lack of data making it hard to price risk accurately. Valerie Hart explores how IT solutions could lead to greater transparency and insurers making more informed decisions.
Aston Lark’s Peter Blanc on why tough conversations are the most important ones with clients
Peter Blanc, group CEO of Aston Lark, warns against taking the “easy road” in client conversations urging the industry to focus on the right claims outcomes with risks and risk mitigation instead of premiums at the top of the renewal agenda.