Keep up with what has been happening this week in our latest insurance news round-up…
The Financial Conduct Authority (FCA) has taken several insurers to court on their business interruption policy wordings; as insurers state that they do not cover the pandemic. With the FCA warning insurers to calculate the claims fairly.
RSA have shared details on their plans to reduce running costs of its UK business. These operational changes include staff changes where they have announced a voluntary redundancy programme; property changes and technology changes where they plan to reduce their product variations over time. This is to decrease running costs and better meet customer needs.
Aviva’s chief executive, Amanda Blanc, has stated that the insurance company will now only focus on businesses that are profitable enough to generate major shareholder returns. This is after reporting a strong set of half year profits. There is expected to be potential exits from overseas operations.
The Canary Islands in partnership with the insurance firm, AXA, will offer free insurance covering coronavirus-related incidents for visitors staying in tourist accommodations. The scheme will launch this week and last for the next 12 months.
The Bank of England has stated that Britain’s economy will see a slower recovery, and take longer to get back to the size it was before the pandemic. Earlier this year it was thought that the economy might get back to its pre-crisis size during the second half of 2021.