Lloyd’s of London expects to pay up to $4.3bn in coronavirus insurance claims May 14, 2020 Insurance market Lloyd’s of London today said it expected to pay out $3bn-to-$4.3bn (£2.5bn-to-£3.5bn) in claims stemming from the coronavirus pandemic. This is on par with the September 11 attacks in 2001 and to the combined impacts of hurricanes Harvey, Irma and Maria in 2017. Lloyd’s said the overall cost to the global insurance industry [...]
Crypto AM shines its Spotlight on NAYMS May 12, 2020 NAYMS is building the world’s first insurance market that allows Institutional crypto-holders to underwrite cryptocurrency risk. “In 1686, individuals called ‘names’ came together to cover risk of all varieties by pledging capital in return for a yield. The Lloyds of London marketplace was born. It’s now 2020, and NAYMS is bringing together capital markets and [...]
Could group action claims explode in post-coronavirus crisis litigation boom? May 7, 2020 Lawyers and litigation funders are increasingly looking at group action lawsuits in England and Wales as a way of holding major companies to account. After the last financial crisis litigation spiked as contractual counterparties fell out and consumers and shareholders pursued banks for wrongdoing. The litigation landscape in the English legal system has changed over [...]
Hiscox launches share placing and predicts business interruption insurance hit of £10m to £250m May 5, 2020 Lloyd’s insurer Hiscox launched an equity placing of 20 per cent of its share capital and said its business interruption insurance exposure could range from £10m to £250m today. Based on its share price at close the placing could raise approximately £400m. Hiscox is facing potential legal action from a group of policyholders who say [...]
London small business boss blasts Barclays over coronavirus loan scheme May 5, 2020 Small businesses are at risk of collapse due to stringent eligibility rules for emergency coronavirus loans, the boss of a London marketing agency rejected for a loan has warned. Richard Cox, co-founder of The Village Communications, accused banks of a “complete lack of interest” in helping small firms that were struggling to stay afloat during [...]
FTSE 100 extends losses after worst daily drop in a month May 1, 2020 The FTSE 100 extended its losses today after suffering its worst daily drop in a month yesterday as dire economic reports and weak earnings weighed on traders. London’s blue-chip index was down roughly 2.3 per cent at 5,762 points by around 10.20am today. By the mid-afternoon the FTSE 100 had trimmed its drop to just [...]
FTSE 100 sinks deeper as oil prices continue collapse April 21, 2020 The FTSE 100’s losses mounted up today as US oil prices returned into negative territory despite Europe beginning to relax coronavirus lockdowns. London’s blue-chip index dropped 2.25 per cent by 2pm, after opening around 1.3 per cent down this morning. The FTSE 100 lost 131 points to hit 5,681 points as oil majors and energy [...]
Coronavirus: London finance jobseekers surge by 43 per cent April 20, 2020 The number of London finance professionals seeking employment has surged over 40 per cent in the first three months of 2020 even as coronavirus hit salaries and vacancies, new data showed today. Jobseekers in the UK finance industry rocketed 43 per cent compared to the first quarter of 2019, according to Morgan McKinley’s Spring London [...]
Coronavirus: Could crisis be a tipping point for compliance and ‘RegTech’? April 17, 2020 We are living in unprecedented times. Due to the human disruption caused by the coronavirus pandemic, a financial downturn is upon us. Against this difficult backdrop, it is my belief that ‘Regtech’, regulatory technology, is very well positioned to weather the storm. Regtech does what it says on the tin: it uses new technology, often [...]
Labour chaos: Party launches investigation into leaked report April 13, 2020 Labour will launch an independent investigation into an internal report that has sparked vicious factional infighting. An 860-page dossier that was reportedly compiled to submit to the Equality and Human Rights Commission’s (EHRC) investigation into antisemitism in the party was leaked last night. The report will now not be submitted to the EHRC, but it [...]