The product will be accessible to regional brokers through a digital distribution platform and extensions to the cover, including non-damage business interruption, denial of access, and loss of attraction, are also available.
CEO Nikhil Rathi pledged to use the watchdog’s criminal powers to deal with misconduct and financial crime.
The latest set of figures from the FCA show providers have made initial payments worth £328.9m for unsettled claims and final settlements of £696.2m.
News analysis: Brokers are under the cosh and many need guidance on how to implement the FCA’s wide-reaching rules on product governance.
The confusion over business interruption during the pandemic has damaged the insurance industry. Branko Bjelobaba wonders if it can be undone
FCA director Matt Brewis sets out the regulator's supervisory strategy for insurers as he warns firms to speed up business interruption payments and follow fair value guidelines.
FCA figures show interim payments of £331.2m and final settlements of £636.7m have been made since the Supreme Court verdict, with the number of policyholders waiting to hear whether their claim is valid going down to 6,073.
Provider points to continued impact from Covid-19 as well as competitive market conditions and the run-off of certain portfolios as it also reports a COR of 91.7%.
Provider also records rise in GWP and an improved COR of 93.1%.
Experts note Bronek Masojada, who is stepping down as Hiscox group CEO later this year, has built a business focused on quality, but some want to see a stronger broker focus as they say successor Aki Hussain's challenge will be to "win back the trust" of…
Masojada is set to step down at the end of the year and will be succeeded by group CFO Aki Hussain.
The total amount fell by 15% from £224.4m in 2019/20 as the regulator also outlines its response to the pandemic and other actions taken last year in its annual report for 2020/21.
The Financial Conduct Authority published the document on its website alongside a table to show relevant declarations by policy type.
The settlement follows on from the Supreme Court judgment in the FCA's BI test case in January.
Watchdog to focus on innovation and tackling misconduct as it aims to to become a "forward-looking, proactive regulator".
Updated figures reveal providers have made initial payments for unsettled claims worth £308.9m and final settlements worth £566.6m since the Supreme Court verdict in the FCA test case.
The pandemic has changed the way many businesses percieve insurance, but, as Sam Barrett reports, brokers are ideally placed to help SMEs get the right covers in place going forward
With retailers turning from physical shops to online sales and the hospitality sector focusing on deliveries and outdoor dining, Sam Barrett looks at how insurance needs have changed in the pandemic
The new UK GI CEO, Adam Winslow, highlights broker support as he flags “millions” in investment going forward as the insurer focuses on growing GI’s role within the group.
Hiscox and the Hiscox Action Group said the arbitration proceedings have been resolved "to the mutual satisfaction of all parties".
Panellists at this year's CII Conference discuss the need to build public trust in insurance after the expectation gap between consumers and the industry has widened as a result of the pandemic.
FCA figures show interim payments of £289.5m and final settlements of £467.2m since the Supreme Court verdict, with the number of policyholders waiting to hear whether their claim is valid going down to 9,152.
The FCA’s Matt Brewis discusses product value, business interruption insurance and the test case, challenges around PI and why the time is right to focus on cyber insurance.
FCA figures show interim payments of £268.2m and final settlements of £433.1m since the Supreme Court verdict, with the number of policyholders waiting to hear whether their claim is valid going down to 9,912.