Six insurers have decided not to appeal against a London High Court ruling that they were wrong to reject claims from holders of three business interruption insurance policies who have been pushed to the brink of collapse by the COVID-19 …
A test case brought by Britain’s markets regulator against some of the world’s biggest insurers will jump straight to the Supreme Court after London’s High Court agreed to a fast-track appeal on Friday. Although expedited, the appeal will further delay …
Britain’s markets regulator said on Wednesday it had failed to strike a deal with major insurers over prompt payouts to small businesses battered by the coronavirus pandemic, dashing hopes that a Supreme Court appeal could be easily avoided. The Financial …
Britain’s financial regulator said on Tuesday it had filed for an expedited appeal in a business interruption test case against insurers, but was seeking an agreement by Wednesday to avoid the appeals process altogether. Hundreds of thousands of mainly small …
Lloyd’s of London Chief Executive John Neal said on Thursday he expected a London judgment, which ordered some insurers to compensate struggling businesses for losses during the COVID-19 pandemic, to be appealed. London judges ruled that some of the world’s …
The COVID-19 crisis has highlighted the need for brokers to add value to the insurance transaction, according to Toby Esser, chairman of AFL Insurance Brokers, a London-based independent broker. Indeed, Esser said, the COVID-19-related coverage disputes involving business interruption pandemic …
The Financial Conduct Authority has set its sights on revamping the UK motor and home insurance marketplace to help customers, especially loyal policyholders, save money. The FCA is proposing reforms of these markets that it says will “enhance competition, ensure …
In a follow-up to the High Court’s ruling on coronavirus-related business interruption claims by businesses, the UK’s Financial Conduct Authority (FCA) is advising insurers that they must pay all valid claims “in full at the earliest possible date to support …
The Financial Conduct Authority said today’s High Court judgment in its coronavirus business interruption insurance test case found in favour of policyholders on the majority of the key issues. “Our aim throughout this court action has been to get clarity …
Insurers and observers are weighing in on the ruling by a London court in a test case brought by Britain’s Financial Conduct Authority (FCA) to clarify insurance coverage for COVID-19 related business interruption claims. The FCA says the court brought …
