Fallout from the BI case, and more
“The past few weeks have been a prime time for reflecting on the 2020/21 renewals season.”
The latest landmark ruling in the COVID-19 business interruption test case was, again, not the outcome insurers were hoping for. With the UK Supreme Court deciding in the main in favour of policyholders, insurers are looking at potential costs of £700 million.
The implications are not just financial. They represent a push for major changes for insurers in terms of policy wordings and for the role of brokers in ensuring customers have a stronger understanding of policies in the future.
Given the enormity of this court decision, in this issue you’ll find a news briefing on the topic and a feature focusing on a high-level panel discussion held on Intelligent Insurer’s Re/insurance Lounge.
Seismic court cases aside, the past few weeks have been a prime time for reflecting on the 2020/21 renewals season. Intelligent Insurer held another panel session, also on the Re/insurance Lounge, to get the inside take on how improvements in renewal pricing and the impact of ongoing COVID-19 uncertainty have affected the season.
Did negotiators get the rate adequacy and terms and conditions changes they were hoping for? Read our feature to find out more.
This issue is packed with plenty of topical content on post-Brexit hurdles for the London Market, the ever-evolving risk of terrorism, and managing general agents in the hardening market, as well as big interviews with recently launched Legeis Capital’s chairman Michael Morrissey and Swiss Re’s group chief economist Jérôme Jean Haegeli.
With 2021 well and truly under way, re/insurers have an interesting year ahead. Here’s hoping we can all safely meet in person later this year to discuss the momentous events we’re all living through.
Claire Churchard is deputy editor of the Newton Media Insurance Group
Image: shutterstock.com / WorldPictures