Latest News – Page 400
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NewsFCA orders insurers to support customers in coronavirus-related financial hardship
The range of measures proposed by the regulator are effective from 18 May 2020
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NewsFraud Charter: Insurers preparing for Covid claims ‘explosion’
Claims management firms are gearing up to target coronavirus pay outs
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NewsGovernment launches temporary reinsurance scheme to facilitate access to trade credit insurance
The initiative aims to help businesses recover from the economic shocks of the Covid-19 pandemic
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NewsDentist trade body mulls legal action against insurers for non-payment of Covid claims
The trade body for dentists said that the industry has been ’blindsided’ due to lack of effective responses from insurers
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NewsAXA sees 60% decline in commercial and retail motor claims since coronavirus lockdown
The insurer’s claims managing director also reports a ‘spike’ in travel and business interruption claims related to the Covid-19 pandemic
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FeaturesCyber cover is ‘modern-day crime policy’ as criminals switch from physical to digital
Insurance Times explores the relationship between cyber cover and traditional crime policies, looking at how these insurances can work together or where there may be gaps in cover
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NewsAllianz appoints chief risk officer from within the business
The permanent appointment follows a stint on an interim basis
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NewsSRA confirms law firms can apply for professional indemnity extension due to Covid-19
Lawyers struggling to secure professional indemnity coverage in light of the pandemic can apply for extra time
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NewsZurich reveals $750m of estimated coronavirus claims
But insists these remain within the insurer’s risk tolerance
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NewsMotor insurers sent 80% fewer new work instructions to UK body shops in April
Last month, the net average repair cost estimation also reached a two-year high of more than £2,000
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NewsLloyd’s set to pay out up to $4.3bn in Covid-19 claims
CEO John Neal said the coronavirus crisis “will challenge the industry as never before”
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NewsIndustry duo propose Totus Re to address future pandemic risks
The idea is proposed by Worry+Peace founder James York and Liz Foster who say that the current approach to managing super-perils is no longer sustainable
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NewsBe Wiser joins Quotezone.co.uk’s van and home insurance panels
Be Wiser chief executive Sharon Beckett said it had been “easy” to align the goals of both companies
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NewsAgeas falls to £2.7m loss after weather claims hit hard
The insurer reported an 11.7 percentage point worsening of its combined operating ratio
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IT InterviewInsurance market is on the back foot in dealing with Covid-19 pandemic says law firm partner
Insurers and brokers need to move past the crisis management phase and think of future solutions to mitigate pandemic risks
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NewsRSA sued by dozens of investors following Irish under-reserving error
The shareholders accused the insurer of using its Irish division as a “cash cow” to support under-performing units in the wider group
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NewsZego expands van fleet insurance partnership with RSA
It caters to the spike in demand for delivery and courier fleets during the UK’s lockdown
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FeaturesFraud Charter: May 2020
Industry experts attending Insurance Times’s virtual roundtable agree that application fraud is on the up as consumers look to reduce premiums in any way they can, due to coronavirus-related financial hardship
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NewsFlood Re ‘needs tweaking’ says Biba executive director
The trade association says there needs to be better collaboration with software houses as well as a ‘build back better’ mentality
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NewsGolf to resume but lack of insurance could put thousands at risk
Many walkers are using golf courses during lockdown which poses an additional and unexpected risk
