Brokers react to business interruption case as insurers, policyholders and the FCA consider appeals
Regulator says it will continue discussions with insurers and action groups to find a solution for the outstanding issues as soon as possible.
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.
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.
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.
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.
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.
The regulator outlines proposals for a “significant reform” of the motor and home insurance markets and slams "complex and opaque" pricing practices.
Interim CEO Christopher Woolard sets out the regulator's expectations after the High Court handed down its judgment in the BI test case last week.
Experts discuss next steps for brokers, industry reputation and expectations from clients after the High Court delivered an outcome that differed across the policy wordings under scrutiny.
Move comes after the court ruled in favour of policyholders in relation to one of QBE’s policy wordings as well as Marsh’s Resilience wording.
Some providers involved in the business interruption test case are considering an appeal, while others welcome the result.
Broker trade body says it hopes the industry can move on following the High Court's decision yesterday and that any appeal will be “sorted out quickly” for the sake of policyholders.
Disease and ‘hybrid’ wording policyholders are particularly well placed to seek compensation after the landmark High Court judgment today in the FCA's BI test case and those with prevention of access wordings may also find they have cover, law firm…
MD Simon Mabb, along with the Night Time Industries Association, says he is both “pleased and frustrated” at the ruling from the High Court, as he notes Hiscox claims have been deemed legitimate, but the QBE result is “still unclear”.
The High Court today found in favour of the FCA and policyholders on the majority of the key issues under scrutiny in the business interruption test case.
The High Court has ruled that the majority of businesses who held business interruption insurance and were forced to close could be entitled to be compensated by the insurers.
Body urges industry to work on product governance, improving advice processes and establishing an approach to pandemics.
Insurers will find out next week if their denial of coronavirus business interruption claims is legal.
Compliance specialists say brokers should make sure their procedures are in line with the expectations of the FCA.
In a Dear CEO letter, Roma Pearson, head of retail GI, calls on brokers to address their strategies and improve their governance and warns the watchdog will take action.
Recognising vulnerability: Putting vulnerable customer guidance into practice will give a boost to customer retention and help build a stronger brand, says Michael Sicsic
Regulator says fraudsters are giving out details of the authorised company as part of their tactics to scam people in the UK.
The action group, which is also a claimant in the FCA BI test case, started legal proceedings against Hiscox earlier this year after the provider rejected coronavirus-related business interruption claims.