Hello and welcome to Insure TV news with me Sofia Geraghty. On today’s update: Hiscox settles BI claims, a new president for Markel, and a royal visit for Lloyd’s of London.
First up, insurance group Hiscox has reached a settlement with a group of policyholders over business interruption claims.
Both Hiscox and the policy holders, the Hiscox Action Group, announced the settlement on Monday the 28th of June, with the Hiscox Action Group saying it was in line with the Supreme Court’s judgment on BI clauses. The terms of the deal remain confidential.
Hundreds and thousands of businesses forced to close due to Covid-19 made claims on their business interruption insurance. However, many insurers disputed the claims, saying that the policies did not cover the government-imposed restrictions.
The FCA stepped in last year and introduced a ‘test case’ to clarify what should be covered by business interruption policies. Hiscox was one of seven insurers involved.
Next up – Simon Wilson will be taking over from William Stovin as the president of Markel International.
Wilson joined Markel in 2010 and has more than 20 years’ experience growing large specialty organizations. Before this, he led the Lloyd's Asia platform in Singapore.
Outgoing William Stovin has led the International division since 2008 where he has more than doubled the size of the division.
The move is part of a planned transition which will happen before the 1 January 2022.
And finally, a royal visit for Lloyd’s of London. Prince Charles paid a visit to the London insurance hub on Thursday the 24th of June as he partners with the insurance industry to tackle climate change.
Prince Charles joins forces with executives from 17 firms including Axa, Aon and AIG to launch the Sustainable Market Initiative Insurance Taskforce.
The taskforce has pledged to lessen the use of carbon by expanding insurance coverage for offshore windfarms. It will also partner with governments to provide better protection in countries most at risk of the effects of climate change.
The taskforce plans to develop a framework that will unlock more than $30 trillion in assets under management to direct capital towards climate-positive investments.
That is all we have time for, thanks for watching.