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Our latest thinking into the insurance impacts arising from the ongoing crisis is offered against the Prime Minister, Boris Johnson, having confirmed that the five tests which must be satisfied before lockdown can be adjusted have been met.
Our latest thinking into the insurance impacts arising from the ongoing crisis is offered against a positive step in the UK exit strategy. Abbott and Roche have now both been approved to provide COVID-19 antibody tests in the UK.
Financial Conduct Authority has announced it intends to ask the courts to rule on whether a ‘representative sample of the most frequently used’ BI policy wording provide cover for COVID-19 related losses.
With Foreign Secretary Dominic Raab MP having confirmed that the UK’s lockdown will be extended for “at least” the next three weeks, we provide you with our latest thinking into the insurance impacts arising from the ongoing crisis.
Welcome to the first of our fortnightly updates aimed at supporting you in your understanding of the impacts of the COVID-19 pandemic on the insurance market.
The current coronavirus outbreak (recently named COVID-19 by the World Health Organisation (WHO)) is dominating global headlines. Since it was first reported from Wuhan, China on 31 December 2019 it has spread to 25 countries, infected over 42,000 people and claimed over 1,000 lives.
As the political negotiations between the UK and EU unfold, Kennedys is here to keep you up to date on the latest Brexit developments and what they mean for you and your business.
With the pace of change in the global insurance market showing no signs of slowing in 2020, we have underlined the London Market’s need to reassert its ability to adapt and manage the constant evolution of global risk. Releasing our annual London Market forecast for the year ahead, we have made predictions across 11 areas impacting the London Market, namely: aviation, casualty coverage, construction, cyber, energy, financial lines, marine, product liability and life sciences, professions, political risks and property damage.
The pace of change in the global insurance market has not slowed down in the last 12 months, nor are there any indications of it doing so over the course of the coming year.
The Prudential Regulation Authority (PRA) recently shared its insights from a review of firms’ reserving during 2019. This included work on casualty lines for London Market firms, reserving in the UK motor market and a thematic review of case (outstanding claims) reserves in the retail and wholesale markets. Their conclusions have also been informed by wider supervisory interactions with firms and other stakeholders, such as Chief Actuaries and Lloyd’s of London.