Branson and Bezos space race outruns insurers July 9, 2021 Billionaires Sir Richard Branson and Jeff Bezos are reportedly launching into space without insurance for injury or death. Brokers told the NYT’s Dealbook newsletter neither Branson or Bezos, or their respective companies Virgin Galactic and Blue Origin, have purchased liability insurance. This is most likely because there isn’t a fully functioning insurance system for casual [...]
Action group agrees settlement with Hiscox over business interruption cover June 28, 2021 Members of the Hiscox Action Group have reached a settlement with the insurer relating to business interruption losses suffered as a result of Covid-led lockdowns. The action group said the settlement is in line with the Supreme Court judgment on business interruption clauses, and that both parties were satisfied with the outcome. Both Hiscox and [...]
Prince Charles partners with insurance firms to tackle climate change June 24, 2021 Prince Charles has teamed up with the Lloyd’s of London insurance market to launch a task force aimed at transitioning the industry to a net zero economy. The task force will be chaired by Lloyd’s, with support from Charles’ Sustainable Markets Initiative. It will include the chief executives of insurance firms such as AXA, Allianz, [...]
Metallica sues Lloyd’s of London underwriters over postponed show losses June 15, 2021 Metallica is suing certain syndicates at Lloyd’s of London for allegedly refusing to pay out after the band was forced to postpone six South American shows due to Covid-19. The rock band filed paperwork in Los Angeles Superior Court last week, according to reports, in which they alleged the insurance market had breached its contract [...]
A third of gig economy couriers and delivery drivers have no savings June 9, 2021 Around 30 per cent of gig economy drivers, riders and couriers across Europe had no savings in the first half of 2021. Almost half of the 10,000 workers surveyed had experienced a claimable event such as an accident. Of these, only 12 per cent had actually made a claim and 69 per cent had a [...]
Loyalty penalty on home and motor insurance to be scrapped May 28, 2021 Renewal quotes for home and motor insurance customers will soon not be more expensive than they would be for new customers, in a bid to tackle loyalty penalties in the insurance sector. Millions of home and motor insurance customers lose out if they renew repeatedly with their current providers, according to the city regulator. In [...]
Protestors gather outside Lloyd’s of London over coal mine insurance May 17, 2021 Protests took place today outside Lloyd’s of London in the City and in 12 other locations around the UK over insurance-related environmental concerns. People gathered to demand Lloyd’s stops insuring all coal mines immediately. The protest was designed to coincide with the reopening of Lloyd’s underwriting room. According to pressure group Coal Action Network, Lloyd’s [...]
Hospitality groups gear up to take on insurers over business interruption cover April 23, 2021 Hospitality companies hit hard by the pandemic are forming groups to take on their insurers, in the hope of receiving business interruption cover they believe they are owed. The hospitality businesses involved believe they are owned payouts from their insurers after the coronavirus and subsequent restrictions left them unable to serve customers for months at [...]
Extinction Rebellion activists block headquarters of Lloyd’s of London in the City April 23, 2021 Climate activists are protesting outside the office of Lloyd’s of London in the City this morning, dumping fake coal outside in front of the building as part of a campaign against insuring fossil fuel mining activities. Activists from the Extinction Rebellion group are holding up banners with slogans such as “Climate Criminals” after they dumped [...]
Accept working from home as the new normal, insurance industry told April 21, 2021 Millions of people might find their insurance policies do not cover them for work-related accidents that take place at home as lockdown eases across the UK, and this is wrong, an insurer has stated. Until recently, insurers had to apply home and contents policies to home workers and the self-employed as the country was being [...]