Claims
FCA data reveals progress as insurers settle Covid-19 BI claims
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.
Video: Covid-19 and the changing claims landscape
Aviva's director of commercial claims, Chris Hughes, discusses the impact the Covid-19 pandemic has had on the claims landscape.
In-depth - claims: Stay prepared
Aviva’s Chris Andrews looks at what risk businesses are facing post-Covid and explains how the right risk management approach can help them prepare for what’s around the corner
Lloyd's to benefit from hardening rates as it continues to take action on underperforming business
CEO John Neal discusses Covid-19 related claims, the continuation of Lloyd's decile ten strategy and the future of the underwriting room.
In-depth - claims: Covid-19 and employers’ liability
With most employees working from home or furloughed in lockdown, it’s been a quiet year for employers’ liability (EL) claims departments. But, while the slips and trips figures may be down, remote working and the pandemic could be triggers for some new…
Pandemic pushes Lloyd's back into full year 2020 loss
Market forecasts customer pay-outs in relation to the Covid-19 will reach £6.2bn on a gross basis.
In-depth - claims: Trends and changes
Covid-19 has had a significant effect on claims in the commercial insurance space
Ardonagh’s Ross “angry for the industry” over "ill-informed" BI backlash
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.
FCA reveals insurer claims payouts following BI test case verdict
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.
Blog: Cyber – challenges and opportunities of a fast-evolving market
McLarens cyber expert Nigel Collins shares key insights about this developing sector from the claims space.
Aviva’s Covid-19 BI claims exposure down to broker wordings
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.
Hiscox posts £192m loss in 2020
Provider says results were impacted by the pandemic, as COR worsened to 114.5% while GWP remained flat.
Masojada: Hiscox regrets "anguish and uncertainty" caused by Covid-19 BI dispute
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.
Broker wordings behind Allianz's Covid-19 BI claims hit
UK CEO Jon Dye discusses the business interruption test case and why communication with brokers is critical, after Allianz revealed its total impact of Covid-19 BI claims in 2020 was £175m, net of reinsurance.
Allianz nears £4bn in GWP
Provider says total impact of Covid-19 BI claims in 2020 was £175m and details it has to date paid 78% of valid SME claims.
Analysis: Are we moving towards market failure for high-rise buildings?
PI and property rates were hit hard following the Grenfell fire horror. Martin Friel investigates the wider insurance implications but is met with deafening silence from providers as brokers sound the alarm.
FCA and insurers disagree on how to interpret Supreme Court BI ruling
Regulator says Supreme Court decision gives insurers the clarity they need to conclude their claims processes with most of their BI customers but a few issues still remain as parties make written submissions to the Supreme Court.
Video: Record flood claim settlement underlines value of parametric insurance
Floodflash founder CEO Adam Rimmer talks to Insurance Age content director Jonathan Swift about how it paid a Storm Christoph claim in January within 9 hours and 44 minutes.
Aqueous unveils lockdown unoccupancy cover for retail and hospitality clients
MGA says cover will be triggered automatically in the event of a new lockdown of any duration, without the need for the broker to request it.
Pen launches specialist fleet claims service
The proposition is designed for policyholders who transport hazardous goods.
Opinion: Eliminating the expectation gap
Aston Lark’s Peter Blanc explores how brokers can overcome one of the biggest obstacles in insurance – customer expectation and the reality of claims
FCA launches policychecker for BI customers
The regulator has developed the tool to help policyholders find out if their wording is affected by the Supreme Court's coronavirus ruling.
FCA orders insurers to pay claims swiftly following Supreme Court ruling
In a letter to insurers, FCA executive director Sheldon Mills, urges firms to reassess and settle valid BI claims.
Blog: The broker fallout from the Supreme Court BI ruling
Ashwin Mistry slams those attacking brokers and warns that the Orient Express ruling could leave some sectors uninsurable.