BMA cancels Phoenix’s registration as SPI looks east for new domicilePhoenix CRetro Reinsurance Company has responded to the Bermuda Monetary Authority’s (BMA) decision to cancel its special purpose insurer’s registration for alleged breaches of the island’s Insurance Act by stating that it will look to set up in an alternative jurisdiction in Asia.
New York regulator calls on insurers to step up on climate changeNew York’s Department of Financial Services (DFS) superintendent Linda Lacewell said the regulator expects all insurers operating in the state to begin building consideration of the financial risks from climate change into their governance frameworks, risk management processes and business strategies.
Missouri judge denies another motion to dismiss a Covid-19 BI caseUS insurers have now suffered at least three unfavourable rulings in Covid-19-related BI cases after a Missouri district court judge denied Owners Insurance Company’s motion to dismiss a case brought by dental practice.
Under-scrutiny CinFin wins Covid-19 BI case dismissal in IllinoisCincinnati Financial – seen as one of the US insurers most exposed to potential Covid-19 business interruption (BI) claims because of the lack of virus exclusions in its policies – has been granted a motion to dismiss a lawsuit filed by a dental practice in Illinois.
BI test case “substantially” achieved its aims: FCA’s WoolardThe UK Financial Conduct Authority’s High Court test case “substantially” achieved its aims in removing uncertainty around Covid-related business interruption claims but more work is need if the (re)insurance sector is going to be able to cover pandemic risk in the long-term, the watchdog’s Christopher Woolard warned on Monday.
City watchdog orders insurers to pay Covid BI claims as soon as possibleThe UK’s Financial Conduct Authority (FCA) has warned insurers to pay out on valid claims “as quickly as possible” following the High Court ruling last week on whether Covid-related losses are covered by business interruption insurance.
Will the FCA decision be overturned on appeal?Earlier this week, the UK insurance industry lost a seismically important court case brought by the financial regulator, the FCA.
NFIP extension expected in continuing resolution as expiration looms againInsurance trade associations are urging Congress to reauthorise the National Flood Insurance Program (NFIP) ahead of its 30 September lapse, with a short-term extension expected to be included in a continuing resolution to keep federal agencies open.
FCA’s Woolard to leave watchdog next yearThe Financial Conduct Authority’s (FCA) interim chief executive Christopher Woolard is to relinquish all executive roles in October and leave the UK watchdog next year after leading a review into the regulation of unsecured credit.
High Court’s “complex” BI ruling will take time to digest, sector warnsUK small businesses forced to close during the Covid-19 lockdown scored a major victory over insurers in a landmark test case on Tuesday, but the overriding message from the insurance industry is that the “complex” judgment will take time to digest before payouts are made and appeals are considered.
Under spotlight UK insurers respond to High Court BI judgementThe UK’s insurance industry has broadly responded positively to the UK’s High Court ruling in favour of policyholders on the majority of key issues, providing estimates for additional Covid-19 business interruption (BI) claims.
Ardonagh’s Bennetts deal raises competition concerns: CMAThe UK’s Competition and Markets Authority (CMA) has found Ardonagh Group’s £26mn ($33.9mn) deal to acquire motorcycle specialist broker Bennetts could lead to higher prices, less choice and worse services for policyholders in the UK.
Hiscox shares close up 17%; BI claims from High Court judgement pegged atShares in London-listed Hiscox closed up 17 percent after the carrier estimated additional Covid-19 claims arising from business interruption to be less than £100mn ($129.1mn) net of reinsurance following the UK High Court judgement this morning.
Hiscox trades up despite FCA/policyholders victory in landmark BI test caseShares in Hiscox gained sharply on Tuesday after the London-listed carrier narrowed its additional Covid-19 exposures despite the High Court ruling that thousands of disputed business interruption policies are triggered by the pandemic in a landmark ruling that could have billion-pounds consequences for the UK insurance sector.
Clarity… but not closureIn only a few hours time we will discover the outcome of a critically important Covid-19 legal test case in the UK High Court.
Century 21 sues insurers on $350mn property cover over Covid-19 claimsCentury 21 has sued its panel of property insurers for their failure to pay out more than $175mn of Covid-19 related business interruption claims which the iconic New York City discount designer store said has led it to file for Chapter 11 bankruptcy.
Zurich circulates draft pandemic proposalZurich has suggested a draft proposal for protecting against future pandemics in the US, The Insurer has learned, adding another concept to those already being discussed by the industry and in Congress.
Rep. Maloney holds stakeholder discussion to build Pria momentumUS Congresswoman Carolyn Maloney has emphasised the need for her Pandemic Risk Insurance Act (Pria) by hosting a discussion with stakeholders, including input from organisations that have proposed other solutions.
Century 21 blames insurers for not paying Covid claims as it files for Chapter 11Century 21 has blamed its insurers after filing for Chapter 11 bankruptcy, with the iconic New York City discount designer store stating its carriers have failed to pay out on $175mn of Covid-19 related business interruption claims.
Judgment Day: What to expect from the FCA Test Case decision next week…The hotly anticipated judgment in the Financial Conduct Authority’s (FCA) test case on business interruption and Covid-19 claims will be handed down next week in a ruling set to have far-reaching consequnces for both carriers and policyholders. With so much at stake and to make sense of the issues at hand, we speak to Bryan Cave Leighton Paisner LLP’s Jonathan Sacher and Richard Jennings about what the industry can expect on judgment day…