Business Interruption – Page 8
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NewsRegulator warns capital markets will need to be part of future BI provision
The future provision of business interruption insurance is likely to require the use of alternative risk transfer solutions given the lessons learned from Covid-19
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FeaturesStandardisation: a route to greater transparency or ‘stifling’ for competition?
Standardising policy wordings may be considered a ‘dangerous road’ by some in the industry, but could some standardised elements support the push for improved transparency and policyholder understanding?
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NewsAllianz Insurance has issued BI claims pay outs on 75% of valid claims
At the end of January 2021, the insurer had made 1,832 interim and final BI claims payments
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NewsIrish High Court rules against insurer FBD in Covid-linked BI claims case
The ruling could impact claims made by around 1,000 Irish pubs and restaurants
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FeaturesBriefing: Risk registers need a revamp to be ready for a working world post-Covid-19
Insurance needs to play a bigger role in responding to risk flexibly moving forward
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FeaturesBriefing: Has the drive for transparency come too late to repair reputational damage?
Discussions around greater transparency in policy wordings and clarifying coverage have become a top priority following the FCA’s business interruption test case – is this a ‘better late than never’ scenario or has the hit to the sector’s reputation crippled any chance of forging customer trust?
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NewsBroker clients ‘more responsive’ to broadening cover due to BI backlash – McCarron Coates
Commercial clients want wide coverage without the price tag, while insurers are trying to recoup returns, says broker director
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NewsInsurers less exposed to BI risks in latest lockdown due to new exclusions
Ratings agency director says there is no ‘appetite for providing cover as part of general property business interruption’
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NewsFCA plans to use ‘full range of regulatory tools and powers’ to check insurers pay valid BI claims
Furthermore, the regulator recognises the ‘key role that insurance brokers and other insurance intermediaries’ play to ensure policyholders’ claims are progressed
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FeaturesBriefing: Pandemic evolution creates unanswered questions following Supreme Court ruling
Plus, the professional indemnity claim threat over brokers is ‘a big risk’
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News AnalysisBrokers ‘inundated’ following Supreme Court BI appeals ruling
Brokerbility’s executive chairman says ‘time is of the essence’ as brokers scramble to ‘calm nerves of both staff and clients’
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NewsSupreme Court BI appeal highlights need for national risk strategy – Totus Re
James York co-founder and co-convenor of Totus Re tells Insurance Times why the Supreme Court decision sheds light on the need for a national risk strategy
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NewsSupreme Court BI ruling has produced ‘wordings lottery’ – Mactavish
The firm’s chief executive further believes that ‘the relationship between brokers and insurers requires robust and immediate regulatory action’
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NewsInsurers must act quickly to compensate customers and rebuild trust says Insurtech UK
Insurers will need to rebuild trust with customers following the Supreme Court ruling, but the pandemic has also highlighted the need for digitalisation
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NewsSupreme Court judgment brings clarity to a highly complex matter – Biba and ABI
Although Biba backs the appeal ruling, more clarity is still needed within the industry
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News AnalysisSupreme Court decision is a ‘financial vaccine’ for struggling businesses
However, insurance premiums are likely to increase as ‘insurers seek to recoup some of their losses’
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NewsSupreme Court dismisses insurers’ appeals in BI test case ruling
Around 370,000 policyholders are expected to be impacted from the judgment
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NewsFCA is ‘front and centre’ of BI debate due to ‘interventionist approach’ – Weightmans
Friday’s Supreme Court ruling on business interruption policy wordings may also be used by the Financial Ombudsman Service, increasing the potential exposure for insurers
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NewsIrish insurer offers partial premium refunds to some pub owners over BI confusion
However, it is reported that less than 10 pubs will be receiving this support
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NewsEngagement in the FCA’s BI court process ‘a good thing for the industry’ says Ageas claims boss
The insurer’s claims director believes the insurance sector has taken a ‘collaborative approach’ to dealing with the BI claim fallout arising from the coronavirus pandemic lockdowns
