Financial Conduct Authority (FCA)
Partners& teams up with CFC and CPP to launch new cyber offering
Partners& has launched a cyber risk management offering in collaboration with a trio of sector specialists CFC underwriting, CPP Group and Mitigate Cyber.
No firm deadline for Supreme Court BI judgment
Judges pledge to work quickly but there is no certainty on when policyholders and insurers will get a decision on the business interruption appeal as hearing concludes.
HAG says Hiscox policies are "complex and unworkable" in Supreme Court appeal
The action group put forward its arguments on the last day of the Supreme Court BI test case hearing.
FCA counsel argues "insurers took the plunge" on disease clause
The Superme Court hearing of the business interruption test case continued for the third day as lawyers compared coronavirus to the Great Storm of 1987.
Insurer QC accuses FCA of "hair splitting wordsmithery” as Supreme Court showdown continues
Insurers and the regulator set out their starkly differing views on the use of trends clauses on day two of the ongoing business interruption test case hearing at the Supreme Court.
Insurers launch their appeals as FCA BI Supreme Court battle begins
The Supreme Court heard arguments from lawyers representing QBE, Argenta and MS Amlin on 16 November as insurers began their appeal of the September judgment handed down in the FCA’s business interruption test case.
Orient Express named as "main battleground" ahead of BI test case Supreme Court hearing
The hearing in the FCA's business interruption test case starts on 16 November and will be heard by the same judges that oversaw the Orient Express case, which insurers have been relying on during the court proceedings.
Date set for Supreme Court BI battle
The case, brought by the FCA on behalf of policyholders, will be heard for four days from 16 November.
Industry reminded of Covid-19 product value review deadline
The FCA warned insurers and brokers that any assessments must be completed by 3 December.
FCA raps Aviva on the knuckles over share announcement
Insurer apologises over 2018 announcement with the potential to mislead the market in a “serious but not intentional” breach.
BI dispute: RSA won't appeal on Resilience and two Eaton Gate wordings
The insurer is not challenging the judgement on three wordings as the coronavirus business interruption proceedings head to the Supreme Court.
Hospitality group looks to expand membership ahead of BI test case appeals
HIGA opens up membership to all policyholders with the Resilience or QBE1 policy wordings.
UK insurance firm goes into administration
East West Insurance Company was forced into administration following a Court of Appeal ruling on a claim.
Opinion: FWD Research's Simon Staplehurst on insurer reputations
Reputations at risk: Figures from FWD Research show that insurers’ reputations are at a low among brokers and customers but also reveal some reasons for optimism, writes Simon Staplehurst
Pressure groups’ fury at Supreme Court BI appeals
Eight parties in the FCA business interruption court case have been allowed to leapfrog appeals to the Supreme Court as QIC Europe is denied right to join the test case and Ecclesiastical withdraws.
Brokers on alert as FCA puts client money under the microscope
In a fresh dear CEO letter to brokers, interim CEO Christopher Woolard warns that the regulator is assessing firms’ arrangements and tells brokers it is imperative to safeguard the client money they hold for customers.
News analysis: Judgment handed down in BI test case
Brokers react to business interruption case as insurers, policyholders and the FCA consider appeals
FCA prepares appeal after it fails to reach agreement with insurers in BI test case
Regulator says it will continue discussions with insurers and action groups to find a solution for the outstanding issues as soon as possible.
FCA and insurers apply to leapfrog appeals to Supreme Court in BI test case
Regulator says discussions between the parties involved in the case continue ahead of the next hearing on 2 October, as the watchdog along with seven insurers file "precautionary" applications to skip Court of Appeal.
Hiscox urged to start paying BI claims after test case judgment
The night life industry and broker NDML call on the provider to "accept that the time to pay has arrived" in open letter to Hiscox MD.
Parametric insurtech FloodFlash targets bigger risks with new launch
Insurtech FloodFlash has launched a new iteration of its parametric commercial flood insurance designed to support risks and portfolios where the flood premium is between £20,000 and £1m annually.
Brokers welcome FCA's crackdown on dual pricing
Experts predict the regulator's proposals to ban dual pricing will have "unintended consequences" and lead to reduced competition for new business, but agree the measures are a positive outcome for consumers.
FCA warns brokers to "pay close attention" after dual pricing ban
Regulator to collect data from any firms setting prices, including brokers, as it calls on the industry to co-operate to tackle the loyalty penalty.
FCA signs death warrant for dual pricing
The regulator outlines proposals for a “significant reform” of the motor and home insurance markets and slams "complex and opaque" pricing practices.