All Commercial combined articles
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Latest NewsBrokers aim for ‘trusted advisor’ status with SME clients – Premium Credit
The financial organisation’s latest research also reveals ‘worrying’ trends around paying for business insurance due to Covid-19’s direct impact on SMEs
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Latest News
Insurers paid out £472m in interim and final BI claim payouts following test case – FCA
The regulator calculated that 10,207 BI policyholders out of the 21,140 who have had claims accepted have received at least an interim payment
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Features
Insurers must revisit unclear policy wordings to ‘rebuild bridges with customers’
The FCA’s test case action brought ambiguous business interruption policy wordings to the fore, however the final judgment will very likely have ramifications across numerous lines of business. Insurance Times takes a closer look at the impact on insurers and brokers
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Features
Opinion: Test case opens industry’s eyes to depth of expectation gap
Editor Katie Scott believes the momentum around getting to grips with the expectation gap has escalated following the FCA’s test case result - insurance leaders are now preparing to tackle this head on for 2021
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Latest News
‘There’s no point looking backwards’ at industry’s BI woes says economic secretary
The economic secretary to the Treasury told online delegates that the insurance industry ‘will play a very significant role’ as the UK emerges from the coronavirus lockdown, but that it has to look to the future rather than mull on past grievances
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Features
Briefing: Will cyber insurance be the casualty of the next ‘black swan’ event?
The issues surrounding business interruption cover linked to pandemic-caused claims hit insurers and hit them hard. It’s only natural, therefore, to want to look ahead to other products that may follow the same trajectory if another black swan event arises - and cyber insurance has “certain parallels” according to the ...
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Latest News
Live music and insurance industries call for government backstop for Covid cover
To provide the confidence and security to restart live music events this summer, the insurance and music sectors believe the government must ‘bridge the gap for coronavirus cancellation insurance’
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Latest News
‘Doing nothing is not an option’ following BI test case says ABI’s Huw Evans
The director general admitted that communications to company owners regarding their business interruption coverage was ‘too harsh and too insensitive’ early on in the Covid-19 pandemic, and that cyber insurance is the next coverage insurers and brokers need to keep an eye on
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Latest News
The Big Question March 2021: How do the current market conditions compare to previous ones for professional liability classes?
With the UK set for an economic downturn amid Covid-19, professional liability classes have had quite a ride as a result. Insurance Times asked industry experts how the current market compares to previous ones for this line of business
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Latest News
Commercial insurance pricing up by 44% in UK – Marsh
Global commercial insurance pricing was also up by 22% in Q4 2020
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News Analysis
BI claims set to place ‘huge burden’ on loss adjusters following Supreme Court ruling
As well as new business interruption claims, many loss adjusters and assessors are also seeing an influx in ‘resurrected’ claims that have been awaiting the appeals judgment before being progressed
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Latest News
ABI members predicted to pay £2.5bn for Covid-19 claims incurred in 2020
The ABI’s director general believes the industry needs ‘to learn lessons from this unprecedented event’
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Features
Allianz Insurance exposed to BI claims through broker wordings
Chief executive adds that the insurer has seen 3,000 new business interruption claims following the Supreme Court’s judgment in January
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Latest News
Regulator 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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Features
Standardisation: 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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News Analysis
Lockdown mitigates claims impact of Beast from the East II
Policyholders staying at home during lockdown are better able to combat potential escape of water claims resulting from the recent snowfall, but commercial clients may still be at risk following lockdown-induced business closures
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Latest News
Allianz 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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Latest News
Irish 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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Features
Briefing: 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
