Chubb proposes government/industry pandemic BI insurance

Chubb proposes government/industry pandemic BI insurance

Chubb proposes government/industry pandemic BI insurance

Chubb has proposed a model to cover future pandemic risks for businesses in the US, with the insurance industry and government sharing the risk. Under its Pandemic Business Interruption Program put to the US government, there would be two approaches – one for small businesses with up to 500 employees and a separate scheme for larger firms. Both schemes exclude…

Insurance Europe calls for changes to EC’s Solvency II sustainability proposals

Insurance Europe calls for changes to EC’s Solvency II sustainability proposals

Insurance Europe calls for changes to EC’s Solvency II sustainability proposals

Insurance Europe has called for the European Commission to remove the definition of environmental, social and governance (ESG) preferences of policyholders in its consultation on amendments to Solvency II and the Insurance Distribution Directive (IDD) concerning sustainability risk. Insurance Europe said clarification of sustainability preferences should be dealt with in the regulatory technical standards of the Sustainable Finance Disclosure Regulation,…

IAIS publishes register of Internationally Active Insurance Groups

IAIS publishes register of Internationally Active Insurance Groups

IAIS publishes register of Internationally Active Insurance Groups

The International Association of Insurance Supervisors (IAIS) has published a register of Internationally Active Insurance Groups (IAIGs) based on the names of IAIGs publicly disclosed by Group Wide Supervisors (GWS) as of 1 July 2020. The move follows the approval in November 2019 of ComFrame. The executive committee of the IAIS said the register is accompanied by information on its…

CNA Hardy pauses Covid-19 non-damage BI claims until FCA test case resolved

CNA Hardy pauses Covid-19 non-damage BI claims until FCA test case resolved

CNA Hardy pauses Covid-19 non-damage BI claims until FCA test case resolved

CNA Hardy has told policyholders with Covid-19 business interruption (BI) claims that it will await the decision in the Financial Conduct Authority’s (FCA) test case and put their claims on hold until the outcome is known. Although the insurer is not part of the FCA’s test case, which is seeking clarity from the High Court on non-damage BI policies or…

FCA rejects insurers’ defences in BI test case

FCA rejects insurers’ defences in BI test case

FCA rejects insurers’ defences in BI test case

UK regulator the Financial Conduct Authority (FCA) has rejected the defences of eight insurers for not paying claims on business interruption (BI) policies for Covid-19 losses. In the latest development in the High Court test case brought by the regulator, the FCA said the defences fail to account for the true nature of the insurance sold to buyers, often small…

Industry refutes claims that conflicts of interest are behind Covid-19 disputes

Industry refutes claims that conflicts of interest are behind Covid-19 disputes

Industry refutes claims that conflicts of interest are behind Covid-19 disputes

Buyer and broker representative bodies have hit back at claims that conflicts of interest are to blame for the growing number of disputed business interruption (BI) claims arising from the coronavirus pandemic. Insurance claims consultant Mactavish argues that legal disputes over Covid-19 BI claims have raised questions around the role of the broker as an adviser to insureds and potential…

Action groups allowed to join FCA BI test case

Action groups allowed to join FCA BI test case

Action groups allowed to join FCA BI test case

The Hiscox Action Group (HAG) and Hospitality Insurance Group Action (HIGA) will be allowed to intervene in the Financial Conduct Authority’s (FCAs) business interruption (BI) test case that is due to be heard this month. The groups’ requests to join proceedings were approved by Lord Justice Flaux and Mr Justice Butcher in the second case management conference. Each group can…

South Korea to relax reinsurance rules to promote competition

South Korea to relax reinsurance rules to promote competition

South Korea to relax reinsurance rules to promote competition

The South Korean government has revealed that it will lower reinsurance market entry barriers to promote greater competition for local insurer cessions, according to leading Korean business magazine Business Korea. The current Korean Insurance Business Act defines reinsurance in the same manner as standard non-life insurance such as individual motor and homeowner insurance. As such, reinsurers in South Korea have…

Australian directors resigning as D&O rates rocket by up to 500%

Australian directors resigning as D&O rates rocket by up to 500%

Australian directors resigning as D&O rates rocket by up to 500%

Broker Marsh has warned that corporate Australia could face a future in which directors and officers (D&O) cover is “no longer available, affordable or provides the coverage expected or required”, in its submission to the to the Parliamentary Joint Committee on Corporations and Financial Services’ inquiry into ‘Litigation funding and the regulation of the class action industry’. On 13 May,…

Pandemic adds to pressure on Australian class action reform

Pandemic adds to pressure on Australian class action reform

Pandemic adds to pressure on Australian class action reform

Evidence is building that the rise of the Covid-19 pandemic is adding further pressure on the Australian government to make it even easier for consumers to bring class actions and place even more pressure on an already distressed Australian liability insurance market. On 13 May, the House of Representatives referred an inquiry into litigation funding and the regulation of the…

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