Business interruption
Biba pushes back against FCA letter
The British Insurance Brokers’ Association has criticised the tone taken by the Financial Conduct Authority in its letter to brokers and promised to respond to the watchdog to defend the work done by the sector.
Premier League football clubs open court claim against insurers
A suite of football clubs including Arsenal, Aston Villa, Brighton & Hove Albion, Leicester, Liverpool, Tottenham and West Ham have filed a claim in the commercial court against Allianz, Aviva, CNA, Liberty, MS Amlin and Zurich.
Blog: Is the industry focusing enough on customer needs?
Nic Brown, of Markel, argues that meeting the needs of customers may have slipped as a priority for the industry during the current hardening market and rising premium inflation.
Aviva and Allianz surveys flag inflation and climate impact issues for SMEs
Inflation has toppled business interruption as the number one concern for small businesses in a survey by Allianz Commercial while separate research by Aviva has found three-quarters of SMEs believe businesses should work on reducing their environmental…
Lloyd’s picks 11 for latest lab cohort
The insurtechs have been selected based on solutions geared towards four key themes: decarbonisation and climate change; supply chains; data and models; and claims.
Axa opts not to appeal BI ruling in Corbin & King case
The insurer said it is working with the restaurant group to finalise the claim as quickly as possible as well as looking at the impact of the court’s decision on other declined claims.
FOS insurance backlog stretched to over 9000 cases
Across financial services the ombudsman had nearly 5000 cases open for more than two years.
Axa granted leave to appeal Corbin & King verdict
Silence from the insurer on whether it will pursue the appeal.
Final FCA monthly Covid BI claims update puts payout at £1.35bn
Insurers have made £1.05bn in final payments and £303.1m in interim payments.
Industry braces for "very active few weeks" following Axa vs Wolseley BI ruling
Market experts think the Axa and Corbin & King verdict could spark a chain reaction in the insurance industry, leading to a reopening of claims and renegotiated settlements.
High commission rates factor in Hiscox UK personal lines pull back
The insurer also ended agencies with brokers and revealed it will be looking to double UK business under incoming leader Jon Dye.
"Delight” for Wolseley-owner as Axa loses BI case
The insurer said it would give the judgment “careful consideration”.
Judge rules in favour of Wolseley-owner Corbin & King in BI case with Axa
The case could see insurers paying out an increased number of and higher value business interruption claims.
Allianz focused on growth in 2022, says Holmes
Insurer posted a 9.4% rise in operating profit to £318m for 2021 but recorded a 3.2% fall in gross written premium to £3.8bn.
Allianz posts improved operating profit for 2021 but GWP slips
The provider reported a 3.2% decrease in GWP to £3.8bn.
Insurer payments for settled BI claims top £1bn
Providers have also made £307.9m in initial payments, according to the latest figures from the Financial Conduct Authority which is set to end its data releases next month.
Covid BI claims payments now at £1.3bn
FCA data shows providers have now made initial payments worth £329.4m and final settlements of £967.9m.
Insurers face another Covid-19 business interruption action group
The grouping of bar and restaurant owners is set to launch another test case, this time against RSA and QIC Europe, focusing on recovering indemnity for the UK’s multiple lockdowns.
Opinion: New year, right cover
Allianz's Helen Bryant considers how businesses have developed during Covid-19 and outlines key ways their insurance needs may have changed.
The top five stories of 2021
Insurance Age lists the five news stories that have been most popular this year, including updates on the BI saga, Intact's RSA takeover and David Williams' exit from Axa after 41 years.
Review of the year: Aviva's Gareth Hemming
Aviva's chief distribution officer shares his insight on the challenges of the past 12 months and looks ahead to what 2022 might hold for the sector.
Blog: Top court cases that shaped the market
James Breese, senior associate at Fenchurch Law, lists the Covid-19 court cases that impacted the insurance industry in 2021 and discusses what lies ahead in 2022.
Blog: Why 'community' is the word of 2021
Allianz's Simon McGinn on business interruption, broker relationships and sustainability.
Hiscox names new group CFO
Paul Cooper is set to take over the role after Aki Hussain moves to become group CEO.