Two groups currently orchestrating legal action against Bermuda-based insurer Hiscox over the denial of business interruption claims have now joined forces. The Hiscox Action Group and Night Time Industries Association – which have a combined strength of about 500 businesses – have joined up to help further the action against the insurer by sharing information and pooling resources. According to The Guardian, the groups speak for policyholders with insurance cover of more than £50m ($62m).
Premier League football clubs are facing an increase on their medical insurance premiums for players, with some providers looking to exclude cover for Covid-19 altogether. Insurers are reportedly looking at the case of Junior Sambia – a midfielder for France’s Ligue 1 team Montpellier – who was put into an artificial coma after showing severe symptoms of the disease.
German giant Allianz will no longer offer property and casualty insurance for companies whose business model is largely based on coal and which do not have a clear coal exit path from 2023. The policy applies to companies that generate 25% or more of their sales from energy-based coal. The announcement sees Allianz join a list of insurers that no longer underwrite coal-powered businesses, which includes AXA, Zurich and Chubb, among many others. The coal industry, which was already losing footing to renewable power, has been hit particularly badly by the coronavirus pandemic due to falling energy demand – and the lack of insurance in the market will place another hurdle in its way.