Regulation
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…
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.
FCA fines more than halve to £192.6m in 2020
The Financial Conduct Authority imposed fines of £192,570,018 in 2020, the third lowest total on record since the watchdog was formed in 2013.
FCA reports 30% drop in broker liquidity and warns 4000 financial firms are at risk of failure
The Financial Conduct Authority’s coronavirus financial resilience survey has revealed that insurance broker liquidity fell by 30% due to the pandemic, the largest drop measured in any sector.
Preview: What will 2021 bring?
Post spoke to insurers, brokers and claims professionals to get their predictions for what 2021 will look like.
Review of the Year 2020 – Brokers and MGAs
Post spoke to brokers and MGAs to get their thoughts on the highs and lows of 2020
Review of the Year 2020 – Insurers
Post spoke to insurers to get their thoughts on the highs and lows of 2020
Ardonagh’s Sarah Dalgarno on conduct and culture
As the year draws to a close and people prepare for some long overdue down time, it’s worth pausing to reflect on the role of conduct and culture in how insurance has dealt with challenges and how they can shape responses in 2021, says Sarah Dalgarno,…
Brexit: Looking forward, looking back
With the Brexit transition period ending on 31 December, Post asked insurance trade bodies and associations about the biggest challenges and changes for the market.
Policyholders told to check cover as FCA imposes restrictions on insolvent construction broker
The Financial Conduct Authority has told customers who purchased cover through insolvent South West-based Professional Construction Risks Limited to contact their insurers directly to confirm the status of their policies.
No Supreme Court BI judgment before January, says FCA
Insurers and policyholders will have to wait until next year for the final outcome of the Financial Conduct Authority-led business interruption test case, according to an update from the regulator.
Alarm sounded on bookings business that sold unauthorised Covid cancellation cover
The Financial Conduct Authority has issued a warning against a bookings software provider that marketed a cancellation insurance product to owners of UK holiday lets, following an investigation by Post.
Failed Elite ATE policies disclaimed
The administrators of Elite Insurance have disclaimed all but two after the event insurance policies underwritten by the insurer.
Intelligence: Procurement - making two-way partnerships work
Procurement in the 1980s and 1990s was all about who you knew. Tender processes then took over but today the market relies on a rolling review system to ensure customer service levels remain high and partners are delivering as they should on a day-to-day…
FCA consults on proving presence of Covid-19 for BI claims
The Financial Conduct Authority has launched a consultation on guidance to policyholders, insurers and intermediaries on how the presence of Covid-19 in a particular area may be proved for the purposes of business interruption claims.
Insurers face £1.4m shortfall from Inspire failure
Insurance providers are set to be left with a £1.4m hole from the collapse of Coventry-based Inspire Insurance Services, with the broker's total deficit estimated at £2.7m by liquidators.
Editor's comment: 2020 a year of uncertainty
Humans are not designed to cope well with uncertainty.
Blog: Lloyd’s and the London Market, your time has come
With Lloyd’s, London market and wholesale broker accountability drawing the regulator’s attention in recent weeks, Michael Sicsic, managing director of Sicsic Advisory and former Financial Conduct Authority head of retail general insurance supervision,…
FCA's product governance proposals could have longer term impact than price walking ban
Proposed changes to the Financial Conduct Authority’s product governance rules could prove to have a greater long-term impact than the regulator’s prospective price walking ban, consumer research and compliance experts have said.
FCA urges Lloyd's and London market insurers to behave 'ethically' in face of Covid-19
The Financial Conduct Authority has written to Lloyd’s and London Market insurers instructing them to “behave ethically and responsibly in the way they treat their customers, their employees and their counterparties” during the pandemic.
Briefing: Compare the Market fine a fitting end to a sorry chapter
“Ridiculous”, “harmful”, “anti-competitive”. These were the words used by Money Supermarket managing director of financial services Graham Donoghue to describe wide ‘most favoured nation’ clauses during a Competition Commission hearing back in 2013.
Insurers urge MOJ for an early Christmas present of the rules for the whiplash portal
Insurers have urged the Ministry of Justice to release the rules for the whiplash portal as soon as possible, after delays earlier this year.
Supreme Court BI judgment deadline uncertain
The Supreme Court judges overseeing the Financial Conduct Authority's business interruption test case have pledged to work quickly but there is no certainty on when policyholders and insurers will get a decision.