Hiscox faces legal action over coronavirus business interruption claims April 22, 2020 The Night Time Industries Association, which represents bars and clubs across the UK, has launched legal action against Hiscox, alleging the insurer has refused to pay out for claims during the coronavirus pandemic. The organisation is arranging class action against the insurer, which it said has denied liability under its business interruption policy. All night [...]
Hiscox warns of $175m coronavirus insurance hit April 22, 2020 Insurer Hiscox has anticipated paying out up to $175m (£142m) in coronavirus insurance claims arising from restrictions on travel and mass gatherings. The insurer faces a $150m bill if travel restrictions and social distancing measures remain in place for six months from March. And that insurance sum could rise by another $25m if coronavirus restrictions [...]
Admiral shares up as insurer issues £110m refund to customers during lockdown April 21, 2020 Shares in Admiral jumped three per cent today after the insurer announced it will refund £110m to customers as the coronavirus lockdown has reduced the need for car travel. Admiral said this morning that there are fewer cars on the road, and therefore it expects to receive fewer insurance claims. The insurance company will refund [...]
Insurers accused of not ‘sharing the pain’ with businesses during coronavirus pandemic April 19, 2020 Insurers have been accused of not “sharing the pain” of UK businesses during the coronavirus pandemic. Research by insurance consultancy Mactavish found at least five commercial insurers have recently removed cover from their policies because of Coronavirus. Mactavish chief executive Bruce Hepburn said: “We have customers getting less cover and paying more for this, whilst [...]
Insurer Hastings to pay dividend despite Bank of England warning April 15, 2020 Hastings said today it would go ahead with its planned dividend despite a warning from the Bank of England to the insurance industry to think carefully before paying out cash to shareholders. Car insurer Hastings said it did not offer any lines affected by coronavirus such as travel or business interruption insurance. Hastings also said [...]
FCA warns insurers to cough up on coronavirus payouts April 15, 2020 The Financial Conduct Authority (FCA) today urged insurers to pay out for business interruption claims that covered a coronavirus shutdown. In a letter to insurance bosses, the FCA’s interim chief executive Chris Woolard warned the watchdog would be carefully scrutinising the industry’s treatment of customers. The FCA said most business interruption policies did not cover [...]
City bigwigs urged to help save businesses from coronavirus collapse April 12, 2020 Dozens of the City’s most high-profile denizens have been urged to offer their support to a taskforce that will prop up businesses at risk of collapse due to the coronavirus crisis. A group of more than 40 grandees were on Thursday asked to offer assistance pro bono on everything from legal advice to asset management. [...]
British bank bosses give up bonuses amid coronavirus crisis April 8, 2020 Top bosses at British banks including Natwest and Lloyds have taken salary cuts and ditched bonuses worth millions of pounds as consumers and businesses suffer the impact of the coronavirus outbreak. Natwest chief executive Alison Rose will donate a quarter of her remaining salary for 2020 — set at £2.2m per year — to a [...]
Robert Walters blames ‘savage’ coronavirus for UK profit hit April 8, 2020 Recruiter Robert Walters has bemoaned the “savage” economic impact of coronavirus as UK fee income slumped 29 per cent over the first quarter of 2020. The recruitment agency is seen as an economic bellwether and took a hit from Brexit uncertainty and the lead-up to December’s General Election in 2019. “It’s largely a hangover from [...]
Insurance: Hiscox, Aviva, RSA and Direct Line suspend dividends following Bank of England pressure April 8, 2020 Insurance companies Hiscox, RSA, Aviva and Direct Line have this morning announced the suspension of their dividends after regulatory pressure from the Bank of England. Sam Woods, deputy governor of the Bank’s Prudential Regulatory Authority wrote to chief executives of major insurers on 31 March asking them to “pay close attention to the need to [...]