Keep up with what has been happening this week in our latest insurance news round-up…

FCA tells insurers to pay out business insurance claims

Following the high court judgement of the Financial Conduct Authority test case, they have ruled in favour of the policy holders; where insurers would now need to pay out business interruption claims relating to the pandemic.

Riots and Looting in America will cost Insurance industry over $1bn

After George Floyd’s death, riots broke out across parts of America and worldwide. Axios has reported that the damage from these riots in America will cost the insurance industry up to $2bn; making it the most expensive in insurance history compared to damages of other riots/demonstrations throughout history.

Middle-market organisations hit by scams the most during pandemic

Specialist insurer, Beazley has reported that 60% of companies that were hit by online social-engineering attacks during the pandemic have been middle-market companies. This was in Q2 which is higher than the first quarter where 46% of middle-market organisations were targeted.

NFP Corp to rebrand its brokerages for a unified identity

Insurance group NFP Corp will be rebranding their UK and Ireland brokerages; this will be under a unified name to help benefit their employers and clients. “Taking on the NFP name across all brokerages brings us together in ways that will benefit our employees and the clients we serve. We will be able to collaborate and access expertise more efficiently; enhancing our ability to help clients overcome challenges, protect what they’ve built, and advance their growth,” said Matt Pawley, NFP Managing Director.

Bank of England warn on uncertain economic outlook

The Bank of England has voted to keep the interest rate the same at a low 0.1%; however, they have warned the even though the economy recovery is still on track, the outlook has remained ‘unusually uncertain’.

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