The QBE insurance group based in Sydney Australia, has announced that it is taking “pre-emptive and decisive action” as a result of COVID-19 to increase its capital by some US$1.3bn which should enable it to see through any recession and take advantage of growth opportunities in due course.
Read moreThe FCA has written one of its open "Dear CEO" letters dated 15 April to UK insurers advising that it sees no “reasonable grounds” to intervene in BI claims for Covid-19 losses where pandemics are not a feature of the policies. Part of the letter says "Based upon our conversations with the industry to date, our estimate is that most policies have basic cover, do not cover pandemics and therefore would have no obligation to pay out in relation to the COVID_19 pandemic. While this may be disappointing for the policyholder we see no reasonable grounds to intervene in such circumstances." The FCA's letter emphasises though that where there is an obligation to pay out by saying "it is important that claims are assessed and settled quickly.....If there are reasonable grounds to pay part of a claim but not to make the payment of such claims in full, we would like you and your Board to adopt an approach of making an interim payment." The FCA's letter also mentions the Financial Ombudsman Service being a faster decision maker than the Courts. For a copy of the letter click here (downloadable pdf).
Read moreA group of businesses led by PR firm Media Zoo, allege that Hiscox is trying to avoid paying out for what they believe are legitimate business insurance (“BI”) claims related to business closures as a result of the pandemic COVID-19.
Read moreA transcript of Alistair Wood's podcast on the topic of COVID-19 has been sent to Members on 16 April.
Read moreThe positives in the 2019 results centred around releases from back years' reserves for the 15th consecutive year, a lower level of major losses and lower operating expenses, which taken together, drove an improvement in the whole market's underwriting figures. The most significant factor was the largest ever investment return on the market's central assets, creating a £2.5bn overall result for the year, the best result for the whole market since 2014.
Read moreprimary insurers, their brokers and Lloyd’s underwriters have been preparing for the 1st April renewals well in advance with expectations running high for payback opportunities
Read moreLloyd's today announced a return to profit of £2.5bn (pre-tax) for 2019, representing an improvement of £3.5bn on the previous year (2018: a loss of £1.0bn) and an 8.8% return on capital (2018: (3.7%)).
Read moreThe following was sent this morning by John Neal, Lloyd's CEO, to the market: "As we issue our 2019 Annual Results, we do so at an incredibly challenging time not only for governments around the world, but also your business, your people and your customers.
Read moreLloyd's CEO, John Neal, published today the following to the market: In response to the COVID-19 outbreak, Lloyd’s Executive Committee is now meeting on a daily basis to ensure we can respond quickly but also be proactive in the context of fast-moving and unprecedented events.....
Read morehref="https://experience.arcgis.com/experience/685d0ace521648f8a5beeeee1b9125cd" target="_blank" rel="noreferrer noopener">Please click here for a link to a chart produced daily by the World Health Organisation showing the up to date statistics
Read moreCoronavirus COVID-19 This is to advise of the specific action that we have taken to maintain the service provided by our Private Client Directors (PCDs) to all of our clients during the course of the Coronavirus outbreak.
Read moreImpact of Coronavirus Since our article on the Hampden website (February 11th) published in the midst of China’s dramatically rising infections, the virus has been classified as a pandemic by the World Health Organisation (“WHO”) as other countries also report a rising number of infections and consequently a range of preventative measures.
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