June 4, 2020
The UK government has created a £10 billion (US$12.5 billion) reinsurance scheme designed to help businesses during the COVID-19 pandemic by guaranteeing transactions insured by trade credit insurers. The Trade Credit Reinsurance scheme is designed to support UK business-to-business transactions …
May 13, 2020
The UK Treasury announced it is creating a government-backed temporary reinsurance scheme so businesses can continue to access trade credit insurance during the COVID-19 crisis. The scheme will be delivered through a reinsurance agreement with trade credit insurers currently operating …
May 1, 2020
Britain’s financial watchdog said on Friday it would urgently ask the courts to clarify uncertainty over whether businesses can claim compensation for disruption caused by the coronavirus pandemic. The Financial Conduct Authority (FCA) also told all insurers to assess whether …
April 27, 2020
British insurers are on the hook for more than 1.2 billion pounds ($1.5 billion) in claims from businesses and individuals hit by the coronavirus pandemic, according to the industry’s trade body. Initial estimates put payments for business interruption at 900 …
April 20, 2020
British insurers are talking to the government about a backstop for trade credit insurance to support business supply chains hit by the coronavirus pandemic, an industry trade body said. States such as France, Germany and the Netherlands are giving guarantees …
April 15, 2020
Most insurance policies bought by smaller UK companies do not cover disruption caused by the coronavirus pandemic, but those that do should make interim pay-outs quickly, a watchdog said on Wednesday, as insurers come under fire for being slow to …
March 24, 2020
UK travel insurers expect to pay record claims of at least £275 million (US$319 million) due to the coronavirus pandemic, according to first estimates from the Association of British Insurers (ABI). The vast majority of payouts will be for cancellations, …
March 20, 2020
Insurers in the UK, France and Germany are likely to face only moderate business interruption (BI) claims as a result of the coronavirus outbreak because pandemic-related claims are excluded from most business interruption policies in the three countries, said Moody’s …
March 17, 2020
Most companies in Britain don’t have insurance cover for closures caused by the coronavirus outbreak, the Association of British Insurers said on Tuesday. The government recommended on Monday that people avoid restaurants, bars and clubs, and work from home where …
March 9, 2020
Insurers expect to make payments to customers hit by the recent Storms Ciara and Dennis of over £363 million (US$ 473.7 million), according to initial estimates from the Association of British Insurers (ABI). Initial ABI estimates show payouts from Storms …