Ireland’s central bank has warned insurers that it will scrutinise how they deal with Covid-19-related business interruption (BI) claims after policyholders won a court battle over cover for the pandemic.
The Australian Competition & Consumer Commission (ACCC) has raised “preliminary competition concerns” over Aon’s planned acquisition of Willis Towers Watson (WTW) as the combination “will significantly lessen” the contest for broking services.
At least eight New York auto insurers have been targeted by cybercriminals in “a systemic and aggressive campaign” to steal nonpublic information (NPI) such as driver’s licence numbers from their instant online automobile insurance premium quoting platforms, the state’s Department of Financial Services (DFS) has revealed.
The pro-policyholder verdict handed down by the UK’s Supreme Court on disputed business interruption claims will place reinsurer’ follow obligations under scrutiny, according to Bryan Cave Leighton Paisner LLP’s Anthony Lennox.
A key Florida Senate committee has approved a bill that would limit the use of a contingency fee multiplier when calculating attorneys fees in property insurance lawsuits as well as reduce the time to file claims to two years from three.
India’s finance minister has announced an increase in the foreign direct investment (FDI) limit in insurance to 74 percent from 49 percent.
Industry trade bodies have hit back at Washington lawmakers over a newly introduced bill that would assist small businesses looking to recover Covid-19 related losses under business interruption (BI) coverages.
Willis Towers Watson (WTW) and co-defendants have agreed a $90mn settlement in two long-running lawsuits brought by investors over the 2016 merger of Willis and Towers Watson.
AIG has joined a number of other insurance industry companies in suspending political action committee (PAC) contributions in the wake of the riots in Washington DC and some lawmakers’ opposition to certifying the electoral college vote.
Axa XL has filled its vacant general counsel position with Pamela Rosado who will return to the Axa Group of companies from MetLife next month.
Chubb, Travelers, The Hartford, Liberty Mutual and Aon are among the insurance industry companies that have so far taken action to suspend political contributions in light of last week’s riots in Washington DC and some lawmakers’ opposition to certifying the electoral college vote.
The UK government’s Ministry of Justice (MoJ) has delayed for a fourth time the implementation of controversial reforms to the whiplash claims process as a result of the impact of the coronavirus pandemic on insurers and courts.
Marsh & McLennan Companies (MMC) has decided to end its political action committee (PAC) contributions to those lawmakers who objected to the certification of the electoral college vote.
A total of 2.4 million California policyholders are now included in the mandatory one-year moratorium preventing insurance companies from non-renewing or cancelling residential property coverage due to last year’s wildfires.
The former US business of RSA now in run-off has filed a federal lawsuit arguing it should not have to cover settlements with victims who claim they were sexually abused by priests from the Diocese of Brooklyn because the church had allegedly covered up the incidents at the time.
Europe’s insurance supervisor has launched a consultation on the Own Risk Solvency Assessment (ORSA) tool used by (re)insurers within solvency risk assessment to determine whether this needs to be revised in light of Covid-19.
Aon says it still remains on track to complete its acquisition of Willis Towers Watson in H1 2021 despite the European Commission (EC) announcing today that it has initiated a “Phase II review” of the transaction, which increases the likelihood that it may insist on changes to the deal structure ...
A Louisiana state court this week heard arguments in the Cajun Conti business interruption (BI) lawsuit, a dispute involving Lloyd’s underwriters and New Orleans restaurant Oceana Grill that is viewed as the first such case filed in the US and the first one to go to trial.
Europe’s insurance supervisor has called for ‘evolution rather than revolution’ of the Solvency II framework in its advice to the European Commission ahead of expected legislative proposals to amend the directive in 2021.
Former Argo chief executive Mark Watson is to pay $450,000 in a settlement with the Securities and Exchange Commision (SEC) over the failure to disclose $5.3mn of perquisites and personal benefits he received from the Bermudian (re)insurer between 2014 and 2018.