Legal
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.
CMCs expect soaring Covid-19 caseload as employees and public lodge claims
Covid-19-related lawsuits are set to drive a 40% increase in litigation over the coming year, with many claims management companies either already dealing with or anticipating a surge in claims.
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…
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.
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.
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.
Hiscox response to BI ruling 'misleading' says Mishcon lawyer
A lawyer representing Hiscox's business interruption policyholders has called a statement by the insurer stating that fewer than one third of its policies may pay out following this morning’s Supreme Court judgment “misleading”.
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…
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.
For the Record: The week in deals featuring Allianz, Clyde & Co, Convex, Gallagher, Howden, Kennedys, LV, New Dawn Risk and Woodgate & Clark
Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
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…
BI Case Notes: The FCA’s test case in numbers
Updated: On Friday 15 January the Supreme Court will return a verdict on appeals in the Financial Conduct Authority’s business interruption test case.
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: Seven insurtechs to watch in 2021
For a sixth year running, Post content director Jonathan Swift scans the insurtech space and identifies up-and-coming businesses potentially worth watching over the next 12 months.
Property developer rejects Axa counterclaim in fire damage case
Property investor Aubrey Weis and his company Elcombe have denied Axa’s counterclaim and the issues set out in the provider’s defence document in the ongoing legal dispute over a £1.7m claim.
Blog: Should we return to a standard BI policy wording?
The Covid-19 pandemic has highlighted a split between what policyholders expect from business interruption cover and what insurers say it offers. Damian Glynn, Sedgwick International UK head of financial risks, asks whether customers are ensnared in a…
Supreme Court to hand down BI verdict on Friday
The Supreme Court is expected to hand down its judgment in the business interruption test case appeal on Friday 15 January, the Financial Conduct Authority has confirmed.
Intelligence: Gaming the new frontier
The insurance needs of the gaming sector are complicated and ever evolving but there are plenty of opportunities for those prepared to immerse themselves in this flourishing market.
For the record: The week in deals featuring Aston Lark, GRP, PIB, Marsh, MS Amlin, Nexus, Partners& and Sedgwick
Post wraps up the major insurance deals, launches, investments and strategic moves of the week
Personal injury claimants mired in £240m pandemic litigation backlog for over a year
Road traffic accident claimants have waited over a year just for their cases to be heard in court due to backlogs exacerbated by the Covid-19 pandemic, according to an analysis of Ministry of Justice figures by Zurich.