Business interruption
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.
Covid BI claims payments reach £1.2bn
FCA data reveals providers have now made initial payments worth £308.4m and final settlements of £916.7m.
Broker Expo: How can the industry solve its reputation problem?
Broker Expo’s panel discussion on the evolution of reputation management shed light on the issues that led to the BI test case and asked how brokers and insurers can improve their service.
Geo expands political violence and terrorism cover
Geo Specialty has broadened its UK political violence and terrorism policies, widening the scope of its business interruption insurance to cover loss of profits even after the property has been rebuilt and reopened.
Rokstone launches UK terrorism facility
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.
FCA signals litigation threat as it highlights priorities
CEO Nikhil Rathi pledged to use the watchdog’s criminal powers to deal with misconduct and financial crime.
Covid BI claims payments surpass £1bn
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.
Peril in product governance – who you gonna call?
News analysis: Brokers are under the cosh and many need guidance on how to implement the FCA’s wide-reaching rules on product governance.
Opinion: Can trust ever be re-won?
The confusion over business interruption during the pandemic has damaged the insurance industry. Branko Bjelobaba wonders if it can be undone
FCA urges insurers to take action on BI claims payments
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.
Covid BI claims payments near £1bn
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.
Allianz Holdings reveals drop in GWP in first half of 2021
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%.
Hiscox returns to profit in H1 2021
Provider also records rise in GWP and an improved COR of 93.1%.
Brokers say incoming Hiscox CEO will need to tackle reputation issues following BI row
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…
Hiscox boss Bronek Masojada to retire after 21 years in post
Masojada is set to step down at the end of the year and will be succeeded by group CFO Aki Hussain.