Hiscox
Local coronavirus cases did not cause national lockdown, BI insurers tell Supreme Court
The Supreme Court heard arguments from lawyers representing QBE, Argenta and MS Amlin on Monday as insurers began their appeal of the September judgment handed down in the Financial Conduct Authority’s business interruption test case.
Claims and Fraud Summit 2020: Hear from AA, Allianz, Aviva, Ecclesiastical, Hiscox, Markel, Munich Re, NFU Mutual, QBE, RSA and Zurich
The annual Insurance Post Claims and Fraud Summit will be taking place this year virtually on 18-19 November 2020 – so be sure to join us and take advantage of our online networking platform, livestreamed agenda sessions and explore a wealth of content.
Briefing: BI test case verdicts and appeals broken down – In pursuit of clarity
As the search for lesser-spotted clarity continues, simple confirmation from the regulator on which business interruption wordings are being contested, and by who, is a welcome aid.
Supreme Court BI test case hearing confirmed for November
The Supreme Court will start hearing the appeals of six insurers, the Hiscox Action Group and the Financial Conduct Authority in the ongoing Covid-19 business interruption test case on Monday 16 November, the FCA has confirmed.
Hiscox UK names Louise Marling COO
Louise Marling, formerly Hiscox UK interim change director, has been appointed as the insurer’s chief operating officer.
Briefing: False hope is no antidote - a business interruption appeal is still firmly on the table
The world is devoting a lot of energy into finding a vaccine or ‘cure’ for Covid-19. We should know by now that false hope is not an antidote.
Briefing: The BI test case – QIC’s failed intervention and the ‘spirit of co-operation’
The business interruption test case is meant to be about co-operation to find clarity. Qatar Insurance Company’s attempt to intervene has rocked the boat.
Insurers to continue BI dispute at fast-tracked Supreme Court appeal
Six insurers and the Financial Conduct Authority have been granted permission to fast-track an appeal of last month’s business interruption test case judgment to the Supreme Court.
FCA and seven insurers file 'precautionary' applications for Supreme Court BI test case appeal
The Financial Conduct Authority and seven out of the eight insurers involved in the regulator’s business interruption test case have filed applications to ‘leapfrog’ an appeal of the High Court judgment handed down earlier this month to the Supreme Court.
Government hits out at insurers over grant deductions from BI claims
John Glen MP, economic secretary to HM Treasury, has rebuked insurers deducting government grants from business interruption claims payments and warned of further action.
Insurers risk falling foul of Enterprise Act if BI appeals fail
Insurers that do not pay claims swiftly and choose to appeal following the judgment in the Financial Conduct Authority’s business insurance test case could end up paying out more under the Enterprise Act, lawyers have cautioned.
Insurer shares climb despite BI payout predictions
Some of the Insurers involved in the Financial Conduct Authority’s business interruption test case saw share prices increase following the verdict, despite participants being told to pay out for some claims.
QBE forecasts $70m net hit after BI ruling
QBE has predicted that it faces a $70m (£54.3m) hit net of reinsurance for business interruption claims in the UK after the court ruling yesterday on the BI test case.
FCA BI test case: Insurers likely to appeal - but at what cost?
Insurers have been urged to consider the “reputational damage they may suffer” before appealing the Financial Conduct Authority's business interruption test case judgment.
BI judgment welcome news for policyholders but result differs by wordings
Disease and ‘hybrid’ wording policyholders are particularly well placed to seek compensation after the landmark High Court ruling today in the business interruption test case and those with prevention of access wordings may also find they have cover, law…
Hiscox pegs Covid BI claims at ‘less than £100m’ after judgment
Hiscox expects to pay ‘less than £100m’ net of reinsurance towards business interruption claims, the insurer said in an update following a court judgment.
Briefing: FCA BI test case result no panacea
On 15 September the judges in the Financial Conduct Authority’s business interruption test case will hand down their judgment. But this will not mark the end of the struggle between insurers and customers.
FCA BI test case judgment expected Tuesday
The judgment in the Financial Conduct Authority’s business interruption test case, in which the regulator is representing policyholders against insurers, is expected Tuesday 15 September.
Lloyd's Lab - Class of 2020
The fifth cohort of Lloyd’s lab kicks off this week, with the chosen teams set to concentrate on Covid-19 products and solutions. Post looks at the businesses that hope the accelerator will help make their mark on insurance.
Hiscox and action group arbitration to commence following court agreement
Hiscox has agreed to an expedited arbitration process in its dispute with the Hiscox Action Group, a coalition of policyholders that is contesting the insurer’s rejection of coronavirus-related business interruption claims.
Blog: Covid-19 and the impact of emerging risks on the art market
The art market has a Covid-sized hole in its sales. Going online may be the key to its future – but it’s risky. Robert Read, head of fine art at Hiscox, explains why insurers can help.
No evidence of reputation hit to business, says Hiscox global retail CEO
Hiscox has not seen a slowdown in business as a result of its high-profile involvement in disputes over coronavirus business interruption claims, the insurer’s global retail CEO Ben Walter told Post.
Hiscox bulks up Covid claims hit estimate as group faces loss
Hiscox swung into a loss for the first half of 2020 as it increased its Covid-19 claims hit estimate.
BI court case judges aiming for draft judgment in mid-September
Lord Justice Flaux has confirmed the middle of September as the target date for a draft judgment in the business interruption court case brought by the Financial Conduct Authority against UK insurers.