UK mitigates ‘most’ risks for post-Brexit financial services but some gaps for EU clients

UK mitigates ‘most’ risks for post-Brexit financial services but some gaps for EU clients

UK mitigates ‘most’ risks for post-Brexit financial services but some gaps for EU clients

The UK’s financial services industry has mitigated most Brexit risks for continuing cross-border business, even if the UK and EU fail to reach agreement over the future of financial services once the transition period expires at the end of 2020, said the Bank of England’s Financial Policy Committee (FPC). However, it warned that “some disruption” remains a possibility for EU-based…

Zurich’s Greco takes over from AXA’s Buberl at European insurance forum

Zurich’s Greco takes over from AXA’s Buberl at European insurance forum

Zurich’s Greco takes over from AXA’s Buberl at European insurance forum

Zurich’s CEO Mario Greco has taken over from AXA’s chief Thomas Buberl as chair of the Pan-European Insurance Forum (PEIF), which tackles policy and regulatory issues affecting its members and clients. Mr Greco will chair the forum for two years. The PEIF platform allows CEOs of major Europe-headquartered (re)insurance groups to discuss matters affecting their industry. This includes talks and…

The real risks of 5G

The real risks of 5G

The real risks of 5G

Fifth-generation (5G) wireless technology promises to revolutionise communication and data transmission globally, heralding a new age of connectivity. Recently, circulating conspiracy theories regarding 5G and coronavirus have seen masts attacked and a backlash across social media. Although there is no credence to this fake news, there do appear to be some legitimate concerns with this developing technology, driving changes in…

Businesses and insurers run sanctions risks over ransomware payments, warns US Treasury

Businesses and insurers run sanctions risks over ransomware payments, warns US Treasury

Businesses and insurers run sanctions risks over ransomware payments, warns US Treasury

The US Treasury has warned that companies and insurers that pay ransoms to cyberattackers, or financial institutions facilitating payments, could be in breach of US law. Advisories from the Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) have reminded companies of their duty to submit suspicious activity reports (SAR), and warned businesses and cyber insurers that…

FCA BI test case and six insurers head to the Supreme Court

FCA BI test case and six insurers head to the Supreme Court

FCA BI test case and six insurers head to the Supreme Court

Six insurers have been granted permission for an expedited appeal in the UK’s Supreme Court following the recent test case on Covid-19 and business interruption policy wordings. UK regulator the Financial Conduct Authority (FCA), which is acting on behalf of policyholders, will also appeal some of the rulings. Both sides are continuing discussions that may still avert the need for…

German beer hall policyholder wins BI Covid-19 case

German beer hall policyholder wins BI Covid-19 case

German beer hall policyholder wins BI Covid-19 case

A Munich court has ruled in favour of a German beer hall over Covid-19 business interruption (BI) insurance losses caused by the country’s lockdown. German insurer Versicherungskammer Bayern argued that Covid-19 was not named in the policy’s terms and conditions, and the claim for associated losses was not valid. But the court thought otherwise. The insurer has been ordered to…

Le Maire says insurers will be forced to participate in French pandemic scheme

Le Maire says insurers will be forced to participate in French pandemic scheme

Le Maire says insurers will be forced to participate in French pandemic scheme

France’s minister for the economy and finance Bruno Le Maire said this week that France will need to pass a law to force insurers to participate in any new pandemic risk transfer system. Reuters reported that Mr Le Maire told Le Monde newspaper: “The state is not going to pick up the tab for businesses’ operating losses each time there’s…

Seven insurers set to appeal FCA BI ruling as agreement not reached

Seven insurers set to appeal FCA BI ruling as agreement not reached

Seven insurers set to appeal FCA BI ruling as agreement not reached

Discussions between insurers and UK regulator the Financial Conduct Authority (FCA) on behalf of business interruption (BI) policyholders have failed to reach an agreement on Covid-19 policy wordings and will now move to appeal, with an initial hearing scheduled for tomorrow. The Wednesday deadline has passed for insurers and the FCA to agree on outstanding issues following last month’s test…

Sharma urges insurance industry to deliver standard FINC wording

Sharma urges insurance industry to deliver standard FINC wording

Sharma urges insurance industry to deliver standard FINC wording

Praveen Sharma, managing director of Marsh’s insurance regulatory and tax consulting practice, has told Commercial Risk’s first virtual conference that the time has come for the insurance industry to come together and agree on a standard financial interest clause (FINC) wording to end some of the confusion and ambiguity over their use. A FINC covers the parent company for a…

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…