News analysis: Experts question legality of Covid-19 exclusions in brokers' PI policies and warn of trouble with doubling of premiums, providers reducing capacity, as compliance specialists call on the FCA to make it clear whether Covid-19 exclusions are…
Jonathan Gaisman, QC, branded parts of the Financial Conduct Authority’s arguments as camouflage, a misuse of language and “blurring every divisible thing into one amorphous mass” as he defended Hiscox in the ongoing business interruption test court case.
The regulator wants the measures, which require firms to consider premium reductions and payment deferrals, to be extended to 31 October.
Representing RSA, David Turner QC, accused the Hospitality Insurance Group Action of “clear misuse” of the word ‘peril’ on the on the fourth day of the hearing of the Financial Conduct Authority’s Covid-19 business interruption test case.
The FCA BI case is dragging the reputation of the whole insurance sector through the mud. Ashwin Mistry reflects on how trust can be restored.
Insurers dive into the causation debate, slamming the FCA’s approach to the ‘but for’ test as the business interruption case continues in the High Court.
Insurers’ repeated argument that policies were not intended to cover pandemics has been described as “a diversionary tactic” on the third day of the Financial Conduct Authority’s business interruption test case.
On the second day of the Financial Conduct Authority’s business interruption test case, the regulator’s lawyers argued there are key issues with the Hurricane Katrina Orient Express judgment insurers are expected to lean on during the case.
It was confirmed up to 370,000 policyholders may be affected by the test case which aims to decide on the validity of business interruption cover during the coronavirus outbreak.
The regulator has published a consultation paper on amending its rules in the wake of coronavirus.
A joint skeleton argument attacks the FCA’s stance that SME customers are not sophisticated insurance buyers because they used brokers and slams Contra Proferentem as “restrictive” and “out of step”.
Defendants in the Financial Conduct Authority’s BI test case warn providers could be liable for losses they never agreed to cover.
The Financial Conduct Authority has alleged that insurers’ approach to causation in the business interruption test case is “legally flawed” and the defendants have “overlooked” contractual contexts.
If insurers disagreed with the government’s conclusions following a meeting with the industry that they would pay out based on March advice then they should have spoken out sooner and given politicians an earlier ‘opportunity’ to enforce mandatory bans,…
The business interruption test case policies under scrutiny in the Financial Conduct Authority’s test case are presented ‘in the manner which most benefits insurers’ and therefore brokers should not take the blame for any contractual breaches, the…
Insurers have been accused of filibustering in relation to business interruption as firms suffer “devastating losses” following coronavirus lockdown.
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.
News Analysis: Covid-19 and BI wordings row likely to see a flight to quality, specialist providers while vanilla offerings set to struggle.
The regulator exclusively spoke to Insurance Age for the Broker Extra event.
As RSA changed its mind on part of its argument that drew criticism from Marsh, the Financial Conduct Authority said insurers were failing to take account of “the true nature of the insurance provided” in its business interruption test case, according to…
The eight insurers involved in the case are still on the hunt for their own expert evidence as a second trial in September is looking increasingly likely.
Experts warn that brokers could find themselves under fire as insurers lean in intermediaries in defences.
Groups formed against Hiscox and QBE will “closely liaise” with the FCA but are not permitted to increase the scope of the test case.
Marsh has disputed RSA allegations its clients should be liable for brokered policy contract issues in the Financial Conduct Authority’s business interruption test case, as brokers were dragged into the ongoing proceedings.