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Experts on a (Re)Connect panel recommend future backstops must ensure policyholders, governments and insurers have “skin in the game”.
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The likelihood of a heavy loss rises, but some elements including requirements around mandatory shutdowns are a silver lining.
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In a major blow to insurers the court found that the pandemic and the government’s response could be treated as a single cause of loss. -
The regulator received more than 1,150 whistleblowing reports and took “significant action” in eight cases.
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Both companies secure more than 95% shareholder support for the transaction.
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The country’s economy minister predicts the 2,500 claims received so far could quadruple to 10,000.
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The UK Financial Reporting Council imposes the financial penalty and orders improvements.
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The regulator said insurers should work on a case-by-case basis on government support deductions, otherwise it could step in.
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The establishment of “shared resilience solutions” to BI losses would require unprecedented policy coordination.
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Poland softens its stance, while German transactions into London will end unless the UK is deemed equivalent, the Corporation warns.
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Director general Huw Evans calls for a "relationship reset" between the watchdog and insurers after the court hearing.
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Euler Hermes, Coface and Atradius are also participating in the scheme, which has had formal approval from the European Commission.
