A report from the trade body shows brokers are engaging with its Guiding Principles and Action Points to address dual pricing practices in the home and motor insurance sectors.
Maurice Tulloch has retired for family health reasons.
But the regulator also describes the sector as resilient and robust in a letter to general insurance CEOs.
Insurance Covid-Cast episode 16: “From feast to famine in ten days” – How the travel insurance sector is dealing with the Coronavirus with no sales
In the latest episode of Post and Insurance Age’s video series we gathered together a group of travel insurance experts to discuss how the travel insurance sector is coping with a “tsunami of claims” and whether it will bounce back post-pandemic.
The sector has united to highlight its disappointment in the insurance industry following the coronavirus pandemic and lockdown.
Biba CEO Steve White says trade body worked with the government, the ABI and the Confederation of British Industry to find a solution after brokers in the trade credit sector said they found it “extremely difficult” to place new business.
The Covid Claims Groups sent an open letter to the ABI calling its BI stance “callous and wrong” and urging industry to pay out for extended BI cover.
Experts have warned that business interruption could be “the next PPI for brokers “as FCA seeks legal clarity on BI wordings.
Regulator seeks court action to resolve uncertainty on business interruption cover and bring clarity on specific policy clauses.
Mel Stride MP states firms are continuously facing difficulties in making successful coronavirus-related claims as the ABI says insurers are expected to pay out a total of £1.2bn.
The ABI and the Association of Consumer Support Organisations have developed a statement of intent recommending remote video examination and rehabilitation.
The ABI says insurers are expected to pay £900m towards business interruption claims.
Reports state star chef Raymond Blanc has slammed Hiscox for not paying out after he was forced to close his restaurants and pubs in the wake of the coronavirus outbreak.
Sector responds to the regulator's Dear CEO letter calling on insurers to pay valid claims quickly.
Insurance Covid Cast – episode one: How has the industry’s reputation been impacted by its handling of the coronavirus epidemic?
In the first of a new series of video casts brought to you by Insurance Age and Insurance Post whilst our journalists are in isolation lockdown we discuss the sector’s response to the Covid-19 pandemic and what lasting impact it might have on its…
On demand insurtechs encourage incumbents to give back premium as it is predicted providers could save £1bn as claims plummet amid lockdown.
Evans quoted the figure in a letter defending the response of insurers to the pandemic.
Last week, the Committee wrote to ABI director general Huw Evans requesting insurer data in relation to the coronavirus crisis.
The AA said it had raised MOT concerns with transport ministers last week.
Industry body says the total will dwarf the £148m record reported in 2010.
The body outlined the insurer response to Financial Conduct Authority guidelines as providers waive renewals for key workers.
The insurance industry has faced a customer backlash as most commercial policies do not cover for business interruption caused by pandemic.
Government says insurers will cover pandemic but ABI insists this changes very little as most do not have this type of cover.
The body paid him £25,000 but the entire industry is now under fire over government decision to not enforce business closures in a move which some claim will affect BI cover.