The global pandemic brought a wave of changes and developments that have impacted, and continue to impact, the insurance sector. As we look ahead, we see further change on the horizon.
Around the world, we continue to...more
7/13/2021
/ Acquisitions ,
Business Interruption ,
Coronavirus/COVID-19 ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
Germany ,
Insurance Industry ,
Insurtech ,
Mergers ,
Reinsurance ,
Sanctions ,
UK
In Okpabi & Others v Royal Dutch Shell & Another the Supreme Court has applied the principles around parent company liability it set out in Lungowe v Vedanta Resources Plc, to hold that a claim against an English domiciled...more
2/15/2021
/ Foreign Jurisdictions ,
Infrastructure ,
Liability ,
Nigeria ,
Oil & Gas ,
Omissions ,
Parent Corporation ,
Pipelines ,
Royal Dutch Petroleum ,
Subsidiaries ,
UK ,
UK Supreme Court
The Supreme Court has dismissed insurers’ appeals and substantially allowed the FCA’s appeal in the conclusion of the FCA test case litigation. The result means significantly greater coverage of claims and the focus will now...more
1/20/2021
/ Business Interruption ,
Business Losses ,
Coronavirus/COVID-19 ,
Financial Conduct Authority (FCA) ,
Infectious Diseases ,
Insurance Claims ,
Insurance Litigation ,
Policy Exclusions ,
Policy Terms ,
UK ,
UK Supreme Court
There is no doubt that COVID-19 and its impacts are forcing society and governments around the world to reassess their priorities. Society more than ever values sustainability and, as we exit from COVID-19, there is growing...more
The Bank of England has announced its climate stress test exercise for the financial services sector will be held in June 2021.
Climate stress test launch -
The stress test is a tool to (i) measure the risks faced in...more
The Commercial Court has ruled that temporary loss of use of premises as a result of COVID-19 lockdown measures will not trigger cover under a standard business interruption policy that requires property damage to trigger...more
This week the High Court has delivered its eagerly anticipated ruling in the FCA Business Interruption Test Case. The case was brought by the Financial Conduct Authority on behalf of business interruption policyholders, with...more
The High Court has delivered its eagerly anticipated ruling in the FCA test case litigation concerning COVID-19 business interruption claims.
The judgment is complex, addressing cover for COVID-19 related claims under 21...more
Insurance Europe supports the efforts of the European co-legislators towards a more sustainable economy and is in favour of increased transparency in sustainable investments and sustainability risks, provided that the...more
9/3/2020
/ Best Practices ,
Business Plans ,
Business Strategies ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
European Supervisory Authorities (ESAs) ,
Insurance Regulations ,
Investment ,
Publicly-Traded Companies ,
RTS ,
SFDR ,
Sustainability
The SIF update reports on the work undertaken by SIF and its members during January to June 2020. The report includes individual updates from 14 member regulators on recent sustainable insurance initiatives and activities,...more
The High Court's decision in Dring v Cape has set out a new balancing test for third party access to documents disclosed during litigation. The new approach should provide some comfort to defendants that are subject to...more
Insurance Europe indicated its support for the “ambitious objectives of the European Green Deal” as well as increasing the supply of long-term sustainable assets, making sustainability more “mainstream” and integrating ESG...more
Following an "at the (Supreme) Court doors" settlement, the Court of Appeal decision in Equitas Insurance Limited v Municipal Mutual Insurance Limited stands, as the case was discontinued ahead of its planned Supreme Court...more
In light of recent events, many insurers will be re-considering their product offerings and/or adjusting policy wordings. This article sets out key considerations from a regulatory and contractual perspective that will be...more
Insurers and business interruption insurance policies have been coming under increasing scrutiny as a result of the economic disruption to business as a result of Covid-19. ...more
In its 2020/21 Business Plan, the FCA states its aim to move towards a regulatory approach that's increasingly focused on end outcomes for consumers, markets and firms. The Business Plan reflects this approach, honing in on...more
4/8/2020
/ Banks ,
Big Data ,
Business Plans ,
Climate Change ,
Consumer Credit Protection ,
Coronavirus/COVID-19 ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services Industry ,
Payment Systems ,
Small and Medium-Sized Enterprises (SMEs)
Some consumers with pre-existing medical conditions (“PEMCs”) have problems navigating the travel insurance market and finding affordable cover given their medical conditions. Some are declined cover, only offered cover that...more
The fair treatment of vulnerable customers is a key priority for the FCA. It is an important topic not least because the FCA considers that half of UK adults (25.6 million people) display one or more characteristics of...more
11/20/2019
/ Auto Insurance ,
Consumer Financial Products ,
Consumer Insurance Products ,
Duty of Care ,
Fair Price ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Legislative Agendas ,
Liability Insurance ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Standards ,
Transparency ,
UK ,
Vulnerable Victims
Pool Reinsurance Company Limited has launched Pool Re Solutions, a new in-house centre of excellence for understanding, modelling and managing the threat of terrorism. The new unit is aimed at helping the reinsurer support...more
On 4 October 2019, the FCA published its much anticipated Interim Report on its Market Study into general insurance pricing practices (the “Interim Report“)....more
The FCA’s Thematic Review into GI insurance distribution chains (published on 10 April 2019) has concluded that certain GI sector manufacturing, sales and distribution approaches can lead to customers purchasing inappropriate...more
From 1 April 2019 two significant changes take effect:
- The jurisdiction of the FOS is extended to cover small and medium-sized enterprises, certain charities and trusts and personal guarantors; and
- The FOS award...more
The FCA has yesterday launched a market study into wholesale insurance broking practices. The FCA has published Terms of Reference for the study, which are discussed...more
From today, insurers in the UK will be required to pay valid insurance claims within a reasonable time and may be hit with damages claims from insureds, if they fail to do so. ...more
The FCA has outlined the current trends, risks and its overall assessment of the General Insurance sector in its 2017 Sector Views, published last week. ...more
4/28/2017
/ Arbitrage ,
Automotive Industry ,
Big Data ,
Competition ,
Connected Cars ,
Data Collection ,
Financial Conduct Authority (FCA) ,
Insurance Industry ,
Online Platforms ,
Regulatory Standards ,
Retail Market ,
Supply Chain ,
Technology Sector ,
UK ,
Websites ,
Wholesale