coronavirus
FCA spent almost £7m on BI court case
The regulator brought the case to provide clarity for policyholders on payment of business interruption claims arising from the pandemic and subsequent lockdown.
Blog: Rebuilding business in the events sector
The UK is tentatively opening up with a concert pilot taking place in Liverpool this weekend. Here CFC's Matt Helm considers how the insurance industry can help event operators to get back up and running.
"No silver bullet" to fix industry reputation after BI backlash, says MGAA's Keating
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.
Blog: Beware the hidden dangers of kerb appeal
As pubs, restaurants, and bars re-open with the use of outdoor areas and pavement seating, brokers need to ensure insurers are in the loop or risk disappointment when it comes to a claim warns Tom Hill, executive director at Aqueous Underwriting.
Chubb and Marsh collaborate on Covid-19 vaccine cover
The cover will be available to individuals in 92-lower income countries in case of serious adverse reaction to the jab.
Video: What the papers say
Insurance Age teams up with Applied Systems to bring you a new series looking at the top news stories in the insurance broking world.
FCA confirms MGAs are exempt from £7.5m BI special levy
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.
Analysis: The rise of pay-as-you-go insurance
As demand for flexible on-demand insurance products is accelerated by Covid-19, Insurance Age investigates what the challenges and opportunities are for brokers.
MPs call on government to assume contingent liability for live events
A number of planned events, such as the festival Boomtown, have already been cancelled due to lack of cover as pressure mounts on the government to step in.
FCA proposes £7.5m BI special fee for insurers in levy consultation
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.
CII reports loss for 2020 due to "significant" pandemic impact
The professional body also saw a drop in membership numbers during the year.
Motor premiums see biggest drop since 2014
The pandemic along with pricing action needed to meet the FCA's crackdown on dual pricing is expected to cause continued uncertainty in the motor market, according to Confused/Willis Towers Watson.
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.
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.
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.
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.
Pandemic pushes Ecclesiastical to 2020 loss
GWP in the UK and Ireland business grew by 7.6% while its COR worsened to 92.5%, as broking division saw modest profit rise.
Turnover and profit up at Romero
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.
Sabre reports profit fall as results are "heavily disrupted" by the pandemic
The motor provider posts £173.2m in GWP and a combined operating ratio of 75.3% in 2020.
Aviva risk report highlights broker role
Insurance Age takes a first look at the Aviva Risk Insights Report which considers Covid-19, Brexit, cyber, climate change and the part of brokers.
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.
Aviva's UK operating profit falls in 2020
CEO Amanda Blanc sees opportunities for "material growth" in the UK market as commercial lines premiums continue to grow.
Hiscox posts £192m loss in 2020
Provider says results were impacted by the pandemic, as COR worsened to 114.5% while GWP remained flat.