Business interruption
Opinion: Limited or unreliable information can lead to underinsurance
Brokers need to work with policyholders to push for better quality and more frequent surveys to combat underinsurance, argues Paul Mayer, valuations manager at Sedgwick.
Covid and inflation costs bite as QBE International COR ticks up to 92.5%
QBE International has reported a combined operating ratio of 92.5% for 2022, which is up from 90.6% in 2021.
In depth: Are SMEs behind the times with cyber insurance?
Despite the majority of SMEs not holding any cyber insurance, these attacks are increasing. And despite their size, Martin Friel finds that many smaller businesses are more at risk than larger companies.
Only 14% of smaller SMEs have business continuity plans: Aviva
Aviva has urged brokers to keep having the conversations needed with clients on business continuity plans as the insurer revealed only 28% of firms have one in place.
Brokers urged to tighten safeguards amid threat of client underinsurance backlash
Brokers are being urged to tighten safeguards amid the threat of businesses, suffering problems from underinsurance, taking legal action.
In Depth: Niche lines - The media sector after Covid-19
The entertainment and media sector was massively impacted by Covid-19 as many events and productions ground to a halt. As it recovers, Ed Murray looks at changing risk profiles and challenges brokers need to factor in when placing business in the space
Gallagher calculates 40% of commercial properties underinsured
Gallagher has assessed that two in five commercial properties in the UK are currently underinsured with the problem hitting a record high.
Ten ways to combat underinsurance
Brokers play a key role in helping businesses get the right amount of cover and in times of inflation, more than ever, this role becomes absolutely crucial in avoiding underinsurance, argues Nick Hobbs, chief distribution and regions officer at Allianz…
Premier League clubs continue battle against insurers in BI court case
Premier League clubs are continuing their battle against insurers Allianz, Aviva, CNA, Liberty Mutual, MS Amlin and Zurich in a dispute over business interruption payments.
Stonegate BI judgement criticised for giving insurers potential furlough 'windfall'
The High Court judgement in the Stonegate Pub Company vs MS Amlin & Others business interruption case has been criticised by a law firm for potentially offering insurance companies an unexpected ‘windfall’ by discounting furlough payments from claims.
News analysis: Post FCA Covid-19 test case how are brokers finding the BI market?
Business interruption was put in the spotlight during Covid-19, as insurers insisted that the pandemic was not covered in policies, Insurance Age looks at how BI has changed since then.
FCA data shows 19% of BI insurance claimants still waiting for full payment
Figures from the Financial Conduct Authority have confirmed that 34,506 business interruption insurance claimants have received their full payment out of 42,586 accepted by insurers.
FCA mixes praise for insurers on BI claims handling with concerns and lessons to be learned
The Financial Conduct Authority has welcomed insurers quickly making interim payments, reallocating resources swiftly and proactively communicating with policyholders in its review of business interruption claims handling.
Insurers hit back at Covid-hit football clubs over “mistaken approach”
Insurers have argued that BI claims from Premier League clubs should be capped at £2.5m per policy amid a court battle.
FSB flags small firms' concerns on price of insurance
Small firms are encountering widespread problems in their dealings with the insurance market and rising premium costs, a new report has found.
Analysis: The challenge to build back better – as trust in insurance drops
Consumer trust in insurance has fallen over the past 12 months, but experts can see a route to a brighter future. Emmanuel Kenning reports.
Blog: Business interruption – three essentials for brokers to get right
Sedgwick’s Damian Glynn shares a business interruption checklist with brokers to help prevent underlying issues.
Football clubs step up BI court case against insurers
A group of professional football clubs has set out its demand for multiple business interruption payments having kicked off a High Court multi-million pound Covid-19 related legal case last month.
Drop in insurance complaints at FOS
The Financial Ombudsman Service has revealed a 26% fall in insurance complaints for 2021/22.
Action group vows to pursue broker Pound Gates after BI policies fail to pay out
A group of nurseries is banding together to sue broker Pound Gates for an estimated £10m after it recommended business interruption insurance policies that failed to pay out during the Covid-19 pandemic.
Blog: Stonegate v MS Amlin and others - battle lines drawn in a £1bn dispute
Reed Smith’s Peter Hardy and Catherine Lewis consider the impact of Stonegate’s £1bn court claim.
Greggs ups events in Zurich BI £150m court case claim
Food retailer Greggs has boosted the number of events cited in its £150m Covid-19 business interruption legal case against Zurich.
Covéa returns to profit in 2021
Covéa Insurance has reported post-tax profit of £7.9m in 2021 reversing the loss of £30.8m the previous year.
Profile: Adam Winslow - Winslow’s world
Adam Winslow has been UK and Ireland CEO for Aviva since May last year. He speaks to Siân Barton about his career, the insurer’s plans and shares his view on current market conditions.