New York regulator tells insurers to expedite Isaias claims
The New York state Department of Financial Services (DFS) has taken actions to help the payment of insurance claims for Isaias and told insurers to expedite settlements.
FedNat CEO calls for further Florida reform as losses outpace rate hikes
FedNat’s management has revealed that reinsurers took $46mn of its $94.2mn gross catastrophe losses in the second quarter, while CEO Michael Braun has called for further Florida reform with losses in the state still outpacing rate increases.
Hartford share price rises 4.5% on Q2 results and expense savings plan
Christopher Swift on an earnings call revealed The Hartford backs the prospective pandemic proposal put forward by trade associations, as well as the push for Covid-19 safe harbour protections, while investors sent the insurer’s share price up almost 5 percent in response to a Q2 earnings beat.
Insurers jumping on the “Orient Express bandwagon,” claims FCA
The FCA has accused the eight defending insurers in its High Court test case of jumping on the “Orient Express bandwagon” in their reliance on an insurer-friendly ruling which imposes tough requirements on policyholders to prove causation and insured BI losses.
ABI: “Moment has passed” for £1bn Pool Re fund release
The release of £1bn from state-backed terrorism reinsurer Pool Re to the UK’s smaller businesses impacted by the Covid-19 lockdown is looking more unlikely as businesses get back up and running.
UK gov launches £500mn TV and film insurance scheme
The UK Government has announced a £500mn ($649mn) scheme to kickstart film and television production struggling to secure insurance for Covid-related costs.
AIG investment advisory unit to pay $40mn SEC settlement
AIG investment advisory unit VALIC Financial Advisors (VFA) will pay $40mn to settle a pair of Securities and Exchange Commission (SEC) actions for failing to disclose to teachers and other investors practices that generated millions of dollars in fees.
Arch notes FCA’s ‘misreading’ of crucial policy extension
The Financial Conduct Authority has “singularly failed” to provide a rule of law that the government-mandated lockdown triggers an Arch policy extension under scrutiny in its test case into disputed business interruption wordings, the High Court heard today.
Hiscox describes FCA’s attempt to overturn BI case law as “extreme”
The Financial Conduct Authority’s (FCA) “extreme” attempt to categorise the Covid-19 pandemic and subsequent government action as one indivisible peril seeks to “rewrite the bargain” between insurers and insureds and has “no basis” in fact or law, the High Court heard today.
NAIC forms special committee on race
The National Association of Insurance Commissioners (NAIC) has formed a Race & Insurance special committee that will make recommendations on how regulators and the industry can increase diversity and address practices that potentially disadvantage minorities.
Hallmark regains Nasdaq compliance following Q1 filing
Hallmark Financial Services has regained compliance with Nasdaq’s periodic filing requirement, the US specialty insurer has announced.
Insurers fight back at “blatantly fallacious” FCA case
The defendant insurers have fought back in the Financial Conduct Authority’s (FCA) High Court test case, accusing the UK regulator of trying to impose contractual terms on carriers that they never agreed to.
Generali mulls cross-border European pandemic risk pool
Europe’s third-largest insurer Generali has agreed to partner with the continent’s chambers of commerce to develop a cross-border pandemic risk pool.
UK regulators mull complaints overhaul
The UK’s financial services regulators are consulting on plans to shake-up its complaints process to make it more user friendly and clarify its position on compensation.
Action group accuses insurers of “diversionary tactics”
A policyholder action group permitted to intervene in the FCA’s High Court test case has accused two UK insurers of seeking to use “diversionary tactics” in order to avoid paying out on Covid-19 related business interruption claims.
Orient-Express application problematic, says FCA
A landmark court ruling being relied upon by eight UK insurers in the Financial Conduct Authority’s test case into disputed business interruption policy wordings leads to “commercially absurd consequences” and is “flawed” in its decision, the High Court heard on Tuesday.
FCA: 60 UK insurers and 370,000 policyholders “potentially” affected by BI test case
The UK City regulator has said over 60 insurers and 370,000 policyholders could “potentially” be affected by its landmark High Court test case into disputed business interruption policy wordings which began today.
Insurance tops categories for Covid-19 litigation in US
An analysis by a legal analytics firm reveals that insurance is the leading practice area for litigation directly resulting from Covid-19 - beating out contract disputes in second place - with business interruption (BI) disputes accounting for over 95 percent of the industry’s cases.
Failed Gefion appoints liquidators
The Danish Financial Services Authority (DFSA) has confirmed that Gefion Insurance formally entered into liquidation on 13 July.
FCA seeks to impose risks on industry which it never agreed to bear: Hiscox
The UK’s Financial Conduct Authority’s assumption that losses arising from the coronavirus pandemic are covered by insurance seeks to “impose” a risk that the industry had never agreed to bear, Hiscox will argue in its defence during the FCA-led test case which begins next week.