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.
McGinn discusses exiting certain trades amid a hard market, changing broker wordings after the Supreme Court judgment in the FCA test case and what is next for Allianz in the UK.
The regulator brought the case to provide clarity for policyholders on payment of business interruption claims arising from the pandemic and subsequent lockdown.
Keating discusses the business interruption test case and the FCA's £7.5m special levy to recover the costs as he urges brokers, MGAs and insurers to pull together and rebuild trust in the sector.
The regulator has reissued its consultation paper on fee rates for 2021/22 after the initial document wrongly said that MGAs were expected to contribute.
The fee relates to legal costs following the BI test case and is part of a raft of proposed changes relating to fees and levies ahead of publication of the watchdog's budget for 2021/22.
Aviva's interim managing director of commercial insurance, Nick Major, discusses three of the top ten risks facing UK businesses as outlined on Aviva's Risk Insights Report: business and supply chain interruption and loss of reputation and brand value.
Updated figures show providers have made interim payments of £247.7m and final settlements of £352.1m since the Supreme Court verdict, but 12,217 policyholders are still waiting to hear whether their policies provide cover or not.
CEO John Neal discusses Covid-19 related claims, the continuation of Lloyd's decile ten strategy and the future of the underwriting room.
Working together: From accountancy to insurance and from Ireland via Switzerland, the USA and Canada to London, Aviva GI CEO Colm Holmes tells Insurance Age about his global career and how brokers and insurers need to work together to face the changing…
The specialist underwriter confirmed the renewal of key binder Aviva, plus, developments to its Covéa-backed contractors combined product.
Covid-19 has had a significant effect on claims in the commercial insurance space
The Society of Insurance Broking’s Kevin Hancock explains that brokers must take a proactive role in rebuilding perceptions of insurance
Ross says an industry working group was “on the cusp” of solving the issue around Covid-19 BI claims, when the opportunity was “taken out of our hands” due to the FCA’s test case.
Regulator says providers have paid out £192.1m in interim payments for unsettled claims and £279.8m in final settlements at it reiterates order to pay out quickly.
Leeds-based business says it is one year into its five-year goal to double in size as it aims to become the UK's largest independent broker.
GI CEO Colm Holmes says provider has taken a proactive approach to paying claims as he discusses how Aviva was impacted by the BI test case and comments on its 2020 results.
Provider says results were impacted by the pandemic, as COR worsened to 114.5% while GWP remained flat.
CEO discusses the need for the insurer to rebuild its brand and reputation as a result of the BI disagreement as insurer posts £192.4m loss for 2020.
Difficult conversations on horizon for brokers as SMEs seek to cut costs amid economic uncertainty due to business squeeze from Covid, Brexit and harder market
MD of UKGI, Richard Coleman, tells Insurance Age about the provider's plans to modernise its brand and discusses the business interruption test case and Ecclesiastical's approach to working with brokers.
Large swathes of the UK’s SME sector have been ravaged by the coronavirus pandemic, but many have also been able to adapt, survive and reshape with the support of their brokers, writes Tom Hill, Executive Director at Aqueous Underwriting.