covid-19 business income News

UK COVID-19 Insurance Dispute Could Be Heading to Supreme Court as Talks Falter

Britain’s markets regulator said on Wednesday it had failed to strike a deal with major insurers over prompt payouts to small businesses battered by the coronavirus pandemic, dashing hopes that a Supreme Court appeal could be easily avoided. The Financial …

COVID-19 Crisis Renews Attention on Systemic (Uninsurable) Risks

Reinsurers and insurers for years have been worried about systemic risks – those uninsurable risks with the potential of surpassing the capital of the industry. The COVID-19 crisis has renewed attention on these risks, which could also include a global …

Update: UK Regulator Files Expedited Appeal in Business Interruption Test Case

Britain’s financial regulator said on Tuesday it had filed for an expedited appeal in a business interruption test case against insurers, but was seeking an agreement by Wednesday to avoid the appeals process altogether. Hundreds of thousands of mainly small …

Lloyd’s CEO Neal Sees Appeal of COVID Business Insurance Ruling Coming

Lloyd’s of London Chief Executive John Neal said on Thursday he expected a London judgment, which ordered some insurers to compensate struggling businesses for losses during the COVID-19 pandemic, to be appealed. London judges ruled that some of the world’s …

2 Reasons COVID-19 Legislation is the Wrong Solution

Back in March and April, I gave two webinars on COVID-19 for the Academy of Insurance. If you haven’t had a chance to take those, click here to get the Academy of Insurance COVID-19 related classes. One of the topics …

FCA to Insurer CEOs: Don’t Delay in Paying Valid COVID Business Interruption Claims

In a follow-up to the High Court’s ruling on coronavirus-related business interruption claims by businesses, the UK’s Financial Conduct Authority (FCA) is advising insurers that they must pay all valid claims “in full at the earliest possible date to support …

3 Reasons COVID-19 Business Income Suits Should Not be Combined

Recently a U.S. Judicial Panel on multidistrict litigation denied a proposal to consolidate cases related to business income losses related to coronavirus. Read that story on Insurance Journal here. This was the right decision. To set the stage, as of …