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Category - Commercial Insurance

FCA publishes defences in BI test case

FCA’s latest update on its business interruption insurance test case: published the sealed Court Order from the Case Management Conference on 16 June; published the Defences of the defendants to the test case...

FCA updates on BI insurance test case

FCA has published a new set of documents relating to the test case it is bringing to get clarity on the coverage of business interruption insurance during the Covid-19 crisis. It has on 10 June (today) announced that it...

Full details on BI case progress

We have now written a detailed article on the progress in FCA’s Business Interruption insurance test case, including summaries of FCA’s draft guidance, and its selection of polices, wordings and assumed...

FCA updates on BI test case

FCA has updated on its progress towards its test court case on business interruption insurance policies.  It has now reviewed around 500 policies from 40 insurers, and has identified 17 policy wordings that capture most...

Regulator Covid-19 update 1 May

On 1 May, FCA: announced proposals for a Court declaration on business interruption claims proposed guidance for insurers on assessing whether products still offer value and appropriate action to take where they do not...

FCA and Lloyds update on Brexit

FCA and Lloyd’s have both issued releases confirming how firms should act in the immediate aftermath of Brexit. FCA confirmed that during the implementation period to 31 December EU law will continue to apply. So...

PRA tells GI firms of focus areas

The PRA has published a ‘Dear CEO’ letter detailing the PRA’s priority areas of supervisory focus for general insurance firms.  These include: Reserve adequacy and associated reserving governance and...

IUA publishes cyber exclusion clauses

The International Underwriting Association (IUA) has published two new cyber exclusion clauses: Cyber Loss Absolute Exclusion Clause (IUA 09-081): provides a broad exclusion against losses arising from the use of a...

UK insurance stress test feedback request

As the PRA prepares to conduct a stress test exercise, it has written to firms and industry participants to ask for feedback. The exercise will involve the largest life and general insurers, and run from Monday 1 July...

UK / Switzerland deal reached on insurance

At the World Economic Forum in Davos, the Swiss and UK governments signed a deal to allow both countries to trade freely within the insurance sector post-Brexit. The agreement will come into force when the current EU...