All Commercial combined articles – Page 3
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News AnalysisBI claims set to place ‘huge burden’ on loss adjusters following Supreme Court ruling
As well as new business interruption claims, many loss adjusters and assessors are also seeing an influx in ‘resurrected’ claims that have been awaiting the appeals judgment before being progressed
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NewsABI members predicted to pay £2.5bn for Covid-19 claims incurred in 2020
The ABI’s director general believes the industry needs ‘to learn lessons from this unprecedented event’
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FeaturesAllianz Insurance exposed to BI claims through broker wordings
Chief executive adds that the insurer has seen 3,000 new business interruption claims following the Supreme Court’s judgment in January
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NewsRegulator warns capital markets will need to be part of future BI provision
The future provision of business interruption insurance is likely to require the use of alternative risk transfer solutions given the lessons learned from Covid-19
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FeaturesStandardisation: a route to greater transparency or ‘stifling’ for competition?
Standardising policy wordings may be considered a ‘dangerous road’ by some in the industry, but could some standardised elements support the push for improved transparency and policyholder understanding?
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News AnalysisLockdown mitigates claims impact of Beast from the East II
Policyholders staying at home during lockdown are better able to combat potential escape of water claims resulting from the recent snowfall, but commercial clients may still be at risk following lockdown-induced business closures
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NewsAllianz Insurance has issued BI claims pay outs on 75% of valid claims
At the end of January 2021, the insurer had made 1,832 interim and final BI claims payments
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NewsIrish High Court rules against insurer FBD in Covid-linked BI claims case
The ruling could impact claims made by around 1,000 Irish pubs and restaurants
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FeaturesBriefing: Risk registers need a revamp to be ready for a working world post-Covid-19
Insurance needs to play a bigger role in responding to risk flexibly moving forward
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FeaturesBriefing: Has the drive for transparency come too late to repair reputational damage?
Discussions around greater transparency in policy wordings and clarifying coverage have become a top priority following the FCA’s business interruption test case – is this a ‘better late than never’ scenario or has the hit to the sector’s reputation crippled any chance of forging customer trust?
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NewsInsurers less exposed to BI risks in latest lockdown due to new exclusions
Ratings agency director says there is no ‘appetite for providing cover as part of general property business interruption’
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NewsBroker clients ‘more responsive’ to broadening cover due to BI backlash – McCarron Coates
Commercial clients want wide coverage without the price tag, while insurers are trying to recoup returns, says broker director
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NewsFCA plans to use ‘full range of regulatory tools and powers’ to check insurers pay valid BI claims
Furthermore, the regulator recognises the ‘key role that insurance brokers and other insurance intermediaries’ play to ensure policyholders’ claims are progressed
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FeaturesBriefing: Pandemic evolution creates unanswered questions following Supreme Court ruling
Plus, the professional indemnity claim threat over brokers is ‘a big risk’
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NewsSupreme Court dismisses insurers’ appeals in BI test case ruling
Around 370,000 policyholders are expected to be impacted from the judgment
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Online onlyCovéa Insurance Etrading Q&A: Feedback results in enhanced flexible broker tools
Covéa Insurance’s E-trade broker development manager, Eugene O’Callaghan speaks to Insurance Times lead researcher Savan Shah to discuss the developments of the Covea Insurance online platform and the impact of brokers in the upcoming Insurance Times Etrading survey.
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