The Financial Conduct Authority (FCA) will seek a court ruling on a series of disputes between UK companies and their insurers over the validity of their business interruption claims. It’s unclear whether the two most high-profile disputes, those of the Hiscox Action Group and Hospitality Insurance Group Action, will be involved in the ruling.
Research from Aite Group suggests life insurance claims caused by Covid-19 could cost US insurers up to $7.2bn. Separate research from the financial ratings firm Moody’s shows this number is modest compared to its own stress-test scenario of $160bn in claims, under which it believes reinsurers would take the brunt of the hit and primary carriers could handle the impact on their finances.
Motor sector insurtech Cuvva has launched a feature on its telematics-enabled app that highlights food banks to its customers alongside the items they require most. The company hopes that, as food banks experience high demand during the coronavirus pandemic, its customers will consider donating these items to increase the supply. It worked with UK food bank charity Give Food to integrate the charity’s data on what food banks need through its public API.