Complex ‘off-the-peg’ policies failing buyers, says Mactavish

Complex ‘off-the-peg’ policies failing buyers, says Mactavish

Complex ‘off-the-peg’ policies failing buyers, says Mactavish

Commercial insurance products are too standardised for today’s buyers and risks, while policy wordings are overcomplicated and often contradictory, according to a new report from Mactavish. It warns this risks disputed claims, as highlighted by recent high-profile business interruption (BI) Covid-19 losses. “Insurers’ refusal to cover Covid-19 impacts – against the context of ambiguously worded business interruption policies – echoes…

FCA and insurers file precautionary ‘leapfrog’ BI appeals but ‘positive’ discussions continue

FCA and insurers file precautionary ‘leapfrog’ BI appeals but ‘positive’ discussions continue

FCA and insurers file precautionary ‘leapfrog’ BI appeals but ‘positive’ discussions continue

The FCA and seven insurers have filed precautionary ‘leapfrog’ applications to appeal to the UK’s Supreme Court on the recent business interruption (BI) test case ruling, but the regulator said an agreement on claims could be struck by close of play tomorrow as “positive” discussions continue. A High Court ruling two weeks ago on Covid-19 BI claims generally found in…

Extension of state support for credit cover ‘imperative’, says GVNW

Extension of state support for credit cover ‘imperative’, says GVNW

Extension of state support for credit cover ‘imperative’, says GVNW

The German risk and insurance management association GVNW and the Federal Association of German Insurance Brokers (BDVM) have asked their government for a “rapid” extension of the state-backed credit insurance protective shield that is due to expire at the end of this year. The protective shield was introduced in April as German companies faced up to a sudden loss of…

Buyers must check broker compliance as Brexit looms

Buyers must check broker compliance as Brexit looms

Buyers must check broker compliance as Brexit looms

Buyers need to start a dialogue with their brokers over post-Brexit compliance, because market access will not be guaranteed when the transition period expires at the end of this year, according to speakers at Airmic Fest. The Brexit transition period – which allowed UK firms continued access to the EU single market – ends on 31 December 2020. Hopes are…

EC starts work on pan-European pandemic risk transfer solution

EC starts work on pan-European pandemic risk transfer solution

EC starts work on pan-European pandemic risk transfer solution

Commercial Risk Europe has learned that the EC is setting up a working group to deliver risk transfer solutions for pandemics and other cat risks, which will consider a pan-European private-public pool with EU funding at the very top. After much discussion, this is the first concrete sign that work is officially underway on the topic. In a letter seen…

Pandemic has exposed weaknesses in insurers’ ERM, says AM Best

Pandemic has exposed weaknesses in insurers’ ERM, says AM Best

Pandemic has exposed weaknesses in insurers’ ERM, says AM Best

Covid-19 has exposed weaknesses in insurers’ risk management, according to a new AM Best report that warns enterprise risk management (ERM) programmes are still able to miss the “unknown unknowns”. It adds that how (re)insurers strengthen ERM frameworks in response to the pandemic “will be a key area of interest” for the ratings agency during the next few months. “Weaknesses…

London market brokers choose Belgium as top EU base for post-Brexit business

London market brokers choose Belgium as top EU base for post-Brexit business

London market brokers choose Belgium as top EU base for post-Brexit business

Almost one quarter of London market brokers have set up a base in Belgium to continue operating in Europe after the UK’s transition period expires at the end of December, according to the London & International Insurance Brokers Association (LIIBA) that is confident members will be able to continue serving clients in the EU. The survey of London market intermediaries…

India’s insurance regulator mulls Indian pandemic risk pool

India’s insurance regulator mulls Indian pandemic risk pool

India’s insurance regulator mulls Indian pandemic risk pool

The Insurance Regulatory and Development Authority of India (IRDAI) is looking at the introduction of an Indian pandemic risk pool. A working group has produced a report for the IRDAI, which recommends the formation of an Indian pandemic risk pool “to address losses and unsettlement caused to the informal and low-income sectors of society, and serve as a medium of…

South African regulator studying UK court ruling on business interruption

South African regulator studying UK court ruling on business interruption

South African regulator studying UK court ruling on business interruption

South Africa’s Financial Sector Conduct Authority (FSCA) is studying the UK court ruling on business interruption (BI) policy wordings, in which the UK decided some 370,000 policyholders were entitled to claim payments. Claims will depend on the precise wording of each policy, but the UK ruling gave clarity as to how BI policies should work in the Covid-19 environment. The…

FCA tells insurers to settle BI claims as quickly as possible

FCA tells insurers to settle BI claims as quickly as possible

FCA tells insurers to settle BI claims as quickly as possible

The UK regulator has told insurers to settle Covid-19 business interruption (BI) claims clarified in last week’s High Court judgment “as quickly as possible”, and warned against “creating additional barriers or delays to paying valid claims”. In a ‘Dear CEO’ letter following the test case ruling, which found many BI policies and wordings covered businesses for losses in the pandemic…

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