FCA outlines expectations for GI firms amidst COVID-19 pandemic…Keep up with what’s been happening this week in our latest insurance news round-up…
Because most commercial insurance policies don’t cover for business interruption caused by pandemics, the insurance industry has face customer backlash. The Association of British Insurers (ABI) have explained why most businesses won’t cover and they view on the backlash after government assured policyholders that their claims would be accepted.
International General Insurance Holdings Ltd (IGI) recently announced the success of combining businesses with Tiberius Acquisition Corporation, making it a public trading company. Soon after, IGI have began trading its common shares on Nasdaq under the symbol ‘IGIC’.
The Financial Conduct Authority (FCA) has explained their expectations for general insurance firms during the coronavirus pandemic. They also outlined information for customers about what they should see from their insurance provider during this time.
Chief Executive John Neal has announced that Lloyd’s of London market will close its underwriting floors for a day to test emergency protocols due to coronavirus. This will be the first time Lloyd’s has shut in 330 years.
The large global insurance company Aon will be buying Willis Towers Watson in a $30bn insurance deal. This will create one of the world’s largest insurance brokers with a combined value of $80bn.