New guide published to help risk committees carry out their role

New guide published to help risk committees carry out their role

New guide published to help risk committees carry out their role

The Chartered Governance Institute has published new terms of reference for risk committees to help guide boards through their growing risk management responsibilities. The institute is based in the UK but has members in the Republic of Ireland, as well as Crown Dependencies and associated territories. These include the Caribbean, sub-Saharan Africa, the Middle East, Mauritius and Sri Lanka. Its…

Insurers named in FCA BI test case as some accept previously disputed claims

Insurers named in FCA BI test case as some accept previously disputed claims

Insurers named in FCA BI test case as some accept previously disputed claims

Several insurers in the UK have agreed to pay previously disputed business interruption (BI) claims for Covid-19 as the Financial Conduct Authority (FCA) named 16 insurers with policy wordings that will be included in its legal test case to provide coverage clarity . AIG, AXA, Chubb, QBE and Zurich are among those listed, with the latter two among eight insurers actively…

Pandemic Re moves forward with further insurance industry backing

Pandemic Re moves forward with further insurance industry backing

Pandemic Re moves forward with further insurance industry backing

Allianz CEO and Association of British Insurers (ABI) chair Jon Dye has become the latest major insurance industry figure to join Pandemic Re’s steering group, as it presses ahead with plans to protect the UK against future pandemics and considers a state-backed insurance scheme. The insurance industry steering group was formed under the chairmanship of Stephen Catlin, chairman and CEO…

Brokers could be next in line for legal action over Covid-19 claims

Brokers could be next in line for legal action over Covid-19 claims

Brokers could be next in line for legal action over Covid-19 claims

Experts have warned that insurance brokers could be next in line for legal action from companies unable to get Covid-19 claims paid. Companies across Europe and the world have been taking legal action against insurers for failing to pay what they say are valid business interruption (BI) claims for the coronavirus pandemic. Insurers say BI policies typically exclude losses for…

‘Covid-free’ Guernsey reopens for business

‘Covid-free’ Guernsey reopens for business

‘Covid-free’ Guernsey reopens for business

Guernsey has declared itself open for business as the island releases itself from lockdown, with no new Covid-19 cases for four weeks and currently no known active cases on the island. However, it said the island’s borders remain effectively closed at this stage of recovery, with any travel into the island requiring a strict 14-day quarantine period. Guernsey Finance said…

Irish data regulator accused of failing to implement GDPR in Facebook investigation

Irish data regulator accused of failing to implement GDPR in Facebook investigation

Irish data regulator accused of failing to implement GDPR in Facebook investigation

Non-profit organisation noyb.eu has said the Irish Data Protection Commission (DPC) does not “effectively implement EU law” after failing to take action against Facebook and other social media giants under the GDPR, and urged the EC and other data protection authorities (DPAs) across Europe to act. Noyb.eu filed three complaints against the Facebook Group, which includes WhatsApp and Instagram, to…

UK insurers with ‘loose’ BI wordings could face credit pressure: Fitch

UK insurers with ‘loose’ BI wordings could face credit pressure: Fitch

UK insurers with ‘loose’ BI wordings could face credit pressure: Fitch

Credit ratings agency Fitch has said that “loose” business interruption (BI) wordings in some cases may well impact the credit quality of some UK non-life insurers, as court cases brought by businesses hit by the virus lockdown escalate. “The credit quality of some UK non-life insurers could be affected by court rulings on the validity of business interruption claims arising…

ABI faces fresh assault on BI cover for virus claims from UK SMEs

ABI faces fresh assault on BI cover for virus claims from UK SMEs

ABI faces fresh assault on BI cover for virus claims from UK SMEs

An open letter signed by almost 700 business owners in the UK has accused the insurance industry of an “abrogation of responsibility” by refusing to pay out on business interruption (BI) insurance claims brought because of the country’s lockdown. The letter to the Association of British Insurers (ABI) says that the stonewall on BI claims will result in the failure…

Mactavish urges buyers to tender business to multiple brokers as report flags conflict of interest

Mactavish urges buyers to tender business to multiple brokers as report flags conflict of interest

Mactavish urges buyers to tender business to multiple brokers as report flags conflict of interest

A new report from Mactavish finds that brokers operating in the UK market receive as much as 80% of their remuneration from insurers and much is directly linked to premium, creating a “huge” conflict of interest. It says this conflict is set to worsen as rates harden further because of Covid-19 and advises policyholders to tender business to multiple brokers…

QBE and Aviva BI policies in the sights of action group virus claims

QBE and Aviva BI policies in the sights of action group virus claims

QBE and Aviva BI policies in the sights of action group virus claims

The recently formed Hospitality Insurance Group Action (HIGA), created to pursue business interruption (BI) claims for virus-related losses suffered by companies in the UK hospitality sector, has decided to focus its efforts on policies issued by Aviva and QBE, advising policyholders to sign up by 5 June. The HIGA announced that its legal advisers Mishcon de Reya, in conjunction with…

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