The Federation of European Risk Management Associations (FERMA) announced the launch of a task force to create proposals to address the issue of business interruption coverage for catastrophic risks. “Our aim is to support the creation of economies that are …
Two law firms said on Tuesday they were gathering companies in Britain for a potential group lawsuit against German insurer Allianz for rejecting business interruption claims during the coronavirus pandemic. Edwin Coe and Harris Balcombe said they wanted to challenge …
A popular seafood restaurant chain that has been shuttered by the coronavirus and restrictions on dining has gone to court to get its insurer to pay for its business interruption losses. It believes its insurer is obligated in part because …
Lloyd’s insurer Hiscox is planning a capital raise via the placement of new ordinary shares, which will enable the company to respond to expected growth opportunities ahead and prudently prepare for possible “downside scenarios.” of the COVID-19 crisis. New ordinary …
Standard & Poor’s said it does not expect state legislators to succeed in their efforts to retroactively expand business interruption insurance coverage for COVID-19-related losses. The reason: An expectations of fierce insurance industry-fueled legal challenges. “We are taking the initial …
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 …
Diverging from strategies of some competitors, Markel Corp. established a big reserve for a chunk of its potential COVID-19 exposure for the entire year—putting up $325 million for direct potential losses. The holding company for specialty insurance and reinsurance, ILS …
Top insurers such as AXA, RSA, QBE and Zurich face a potential multi-million-pound lawsuit from British pubs, hotels, restaurants and leisure groups, who allege that legitimate business interruption claims have been rejected. A new Hospitality Insurance Action Group (HIGA) on …
Angry Hiscox policyholders have formed an action group in the UK to fight Hiscox’s pandemic exclusions to its commercial business interruption policies. More than 300 UK policyholders have joined the Hiscox Action Group, which has retained counsel and this week …
Daniel Duckett, owner of the Lazy Claire patisserie in Belfast, was hoping for an insurance payout of up to 100,000 pounds ($123,460.00) to cover losses during the coronavirus lockdown. Now he fears for the future as he battles for the …
