Making the Leap: Insurtech to Insurer
Many insurtech companies, and their investors, eventually face the choice of whether to remain an insurance producer (i.e., an insurance agency, brokerage or managing general agent), licensed to sell, negotiate and possibly underwrite insurance, or become a fully licensed insurance company. By becoming a “full-stack” insurance company, the insurtech company […]
FCA – business interruption insurance test case – appeal
At a hearing on 2 October 2020, the court made a number of orders following on from its judgment. The court granted “leapfrog” appeal certificates to the FCA, to six of the insurers involved in the test case and to one of the intervening policyholder action groups. This means that […]
FCA – business interruption insurance test case – appeal
Following the judgment, handed down on 15 September, it has been confirmed that there will be a hearing on 2 October at which the court will hear any applications for permission to appeal. The court will also consider whether any appeal should “leapfrog” the Court of Appeal and proceed straight […]
FCA – business interruption insurance test case – judgment
On 15 September the High Court handed down its judgment in the Financial Conduct Authority’s COVID-19 business interruption insurance test case. While there are mixed results in relation to a large number of questions, the court has ruled in favour of the policyholders’ arguments on most of the issues. The FCA […]
FCA BI insurance test case: case management conference on 26 June highlights the difficulties in determining the issues and raises the prospect of a second trial
On 26 June, there was a further case management conference (CMC) in the FCA’s COVID-19 BI insurance test case. The CMC was before Lord Justice Flaux and Mr Justice Butcher. These two judges will sit together to hear the trial. The court dealt with a number of issues regarding the […]
Reinsurance in the Time of COVID-19 – Part 3
In part 3 of our blog series on reinsurance issues arising from COVID-19, we consider the implications of “reopening” the economy on reinsurance exposure.
FCA BI Insurance Test Cases: Case Management Conference Highlights the Challenges Facing the Court and the Parties
A case management conference (CMC) before Mr Justice Butcher was held on 16 June to deal with a number of procedural matters in relation to the future conduct of the Financial Conduct Authority’s COVID-19 business interruption insurance test case.
Reinsurance in the Time of COVID-19 – Part 2
In part 2 of our blog series on reinsurance issues arising from COVID-19, we consider the difficulties that might arise from the application of aggregation clauses in reinsurance policies to COVID-19 losses.
FCA Update on Business Interruption Insurance Test Case
The Financial Conduct Authority has provided an update on progress regarding its proposed court action to resolve uncertainties about business interruption policies. The update provides an initial list of the representative sample of policy wordings that will be examined in the action. 17 policy wordings have been selected so far, […]
Reinsurance in the Time of COVID-19 – Part 1
The World Health Organization classified the coronavirus (COVID-19) as a pandemic on 11 March 2020 and, since that time, the pandemic has caused unprecedented socio-economic disruption across the globe with a profound impact on businesses and civil liberties. In such times of dramatic economic instability, it is natural that companies […]
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