Insurer
FCA will use ‘full range’ of regulatory tools and powers to ensure insurers meet expectations after BI ruling
The Financial Conduct Authority has set out the next steps it expects insurers to take after the Supreme Court judgment on the Covid-19 business interruption claims test case last Friday.
Software house witnesses fortyfold increase in BI claims
There was a fortyfold increase in business interruption claims put through software house Acturis in the week of the Supreme Court Covid-19 business interruption judgment, Post can reveal.
FCA proposes to cap CMC fees saving consumers £9.6m a year
The Financial Conduct Authority has published proposals to cap the fees claims management companies can charge their customers.
Commission-hungry claims firms target Covid-hit businesses
Claims firms and no-win-no-fee solicitors have ramped up attempts to get businesses to make Covid-related claims with them following the Supreme Court business interruption ruling – but insurance experts are concerned that fees could be as much as 40% of…
Policyholders must be helped to understand gaps in cover says CII panel
The industry must communicate to policyholders what their policies do not cover to address reputational issues the industry is facing and help breach the expectation gap, a panel of senior industry professionals speaking at a Chartered Insurance…
Sompo adds Richard Brown to lead on London market and property push
Sompo International has appointed Richard Brown to lead a new team focusing on property business through retail distribution channels in the UK, Europe and selected international territories including the Middle East and Israel.
Loss adjusters report 'significant' rise in BI claims volume
The number of business interruption claims being submitted after the Supreme Court judgment has increased significantly with more anticipated over the coming weeks, loss adjusting firms have told Post.
Ex-ABI leader Hugh Savill joins Sicsic Advisory
Hugh Savill, the Association of British Insurer’s director of regulation for 17 years, has joined boutique financial services risk and regulation consultancy Sicsic Advisory as a senior advisor, Post can reveal.
Government to offer insurance for care homes that take on discharged coronavirus patients
The government has announced a scheme to cover care homes that have struggled to take on people who have been discharged from hospital following a Covid-19 positive test but have further support needs due to a lack of available insurance.
Frustrated policyholders call for insurers to ‘take responsibility’ after Supreme Court rules many are due payouts
Policyholders and their representatives have called for insurers to “take responsibility” and “immediately start paying claims” in the wake of a bittersweet Supreme Court judgment on disputed coronavirus-related business interruption policies.
Analysis: The class of 2020 emerges
The emergence of a cluster of start up and scale up carriers, or a class of 2020, caught analysts by surprise despite the hardening market.
Be Wiser’s David Russell on the FCA’s pricing review
David Russell, chief compliance officer at Be Wiser Insurance, was part of the Financial Services Authority team that brought in the Insurance Mediation Directive and statutory regulation of brokers. Here he looks at the implications of the Financial…
Insurers could face higher BI claims payouts as businesses look to Enterprise Act
Some business interruption policyholders are looking to claim damages under the Enterprise Act (2006) for late payouts, following the Supreme Court's verdict in the regulator's test case.
Price hikes predicted as Supreme Court overturns Orient Express in BI ruling
Insurers are expected to increase the cost of business interruption insurance after a crucial judgment was overturned in the Financial Conduct Authority's test case,
Briefing: BI ruling a self-made catastrophe for insurers
Insurers have been found hugely wanting by a business interruption judgment that is a victory for common sense. But the struggle is not over yet, for them or their customers.
Insurer ratings likely to be unaffected by BI ruling, says Fitch
The ratings of UK non-life insurers are likely to be unaffected by the Supreme Court ruling on Covid-19 business interruption claims, according to Fitch.
Brokers unsurprised as court sides with BI policyholders in 'wake-up call' for insurers
The industry must address the expectation gap on the back of the Supreme Court business interruption ruling, brokers said as they forecast tougher times ahead for managing general agents.
Supreme Court ruling to have 'very significant' impact for years to come, says FCA lawyer
The Supreme Court’s ruling in favour of the Financial Conduct Authority on behalf of policyholders in the cases versus insurers over Covid-19 business interruption claims will have long-term ramifications for causation and trends clauses, according to…
RSA employee reps seek ‘urgent’ clarity on takeover redundancies
Clarity on the potential for 200 UK job losses, and more in Scandinavia, is being sought by RSA employee representatives.
The Supreme Court BI test case judgment in summary
The Supreme Court has substantially found in favour of the Financial Conduct Authority in the final stage of the Covid-19 business interruption test case. Post highlights key points given among the reasons behind the ruling.
Hiscox share price falls after Supreme Court ruling
Hiscox’s share price fell 4.5% in the immediate aftermath of the Supreme Court ruling in the Covid-19 business interruption test case.
Live: Supreme Court rules largely in favour of policyholders in FCA's BI test case battle
Free content: Access market and insurance reactions to the Supreme Court ruling that dismissed appeals against a High Court judgment on insurers paying out in Covid-related disruption on business interruption insurance policies and overturned the Orient…
Supreme Court BI ruling looms
The Supreme Court will issue its ruling today in the Covid-19 business interruption legal case with up to 370,000 policyholders and their insurers awaiting the outcome.
Briefing: Trust in travel insurance has fallen, could ‘Covid cancellation’ cover mean another hit this year?
With trust in travel insurance falling, Post news editor Jen Frost considers the impact of so-called Covid cancellation cover in 2021.