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’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.
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.
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.
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.
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 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.
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.
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.
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 Financial Services has regained compliance with Nasdaq’s periodic filing requirement, the US specialty insurer has announced.
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.
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.
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.
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.
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.
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.
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.
The Danish Financial Services Authority (DFSA) has confirmed that Gefion Insurance formally entered into liquidation on 13 July.
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.