Defendants in the Financial Conduct Authority’s BI test case warn providers could be liable for losses they never agreed to cover.
The Financial Conduct Authority has alleged that insurers’ approach to causation in the business interruption test case is “legally flawed” and the defendants have “overlooked” contractual contexts.
Insurers should have offered government earlier ‘opportunity’ to regulate if they disagreed with restriction insurance triggers, the Financial Conduct Authority has said.
The business interruption policies under scrutiny in the Financial Conduct Authority’s test case are presented ‘in the manner which most benefits insurers’ and therefore brokers should not take the blame for any contractual breaches, the regulator has…
As RSA changed its mind on part of its argument that drew criticism from Marsh, the Financial Conduct Authority said insurers were failing to take account of “the true nature of the insurance provided” in its business interruption test case, according to…
Arag has posted a 14.7% rise in turnover to £14.1m for the year to 31 December 2019.
The Competition and Markets Authority has today launched an investigation into whether Ardonagh buying Bennetts Motorcycling Services will lead to “substantial lessening of competition”.
Ecclesiastical delivered £58m in post-tax profit last year, more than treble the £15.2m achieved in 2018, according to a filing at Companies House.
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…
It is the year 2030. After a number of false starts the government finally introduced its Whiplash reforms in April 2022 following delays due to the extended impact of Brexit and Covid 19.
In the second of a new monthly series, Post looks into the future at how the insurance market might change, with each part focusing on a specific issue. Jonathan Swift fast forwards a decade to look at how a new era of collaboration and ethics changed…
Swift v Carpenter: Change needed if costs formula 'no longer fits' purpose, says Personal Injuries Bar Association
If the current formula for calculating serious injury accommodation costs is no longer fit for purpose then it should be improved, the Personal Injuries Bar Association's representative said on the third and final day of the Swift v Carpenter appeal.
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.
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.
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.
Davies has appointed Jeff Chang to the recently created global role of general counsel.
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.
In the 29th episode of Post and Insurance Age’s video series we gathered together an expert panel to discuss the prevention, detection and prosecution of insurance fraud at a time of pandemic.
Swift v Carpenter: Appeal Court hears arguments on whether market value of property is a fair measure
On the second day of the appeal to a 2018 judgment in Swift v Carpenter relating to serious injury claim accommodation costs, judges heard from further witnesses.
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.
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.
On Tuesday the appeals court heard from expert witnesses testifying on the topic of additional accommodation costs in serious injury claims in appeal to Swift v Carpenter.
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.
Reactions to Tuesday’s Financial Conduct Authority business interruption hearing suggest that insurers – or at least their lawyers – may be misreading the room.