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Financial Conduct Authority has announced it intends to ask the courts to rule on whether a ‘representative sample of the most frequently used’ BI policy wording provide cover for COVID-19 related losses.
Potential implications of COVID-19 for the Singapore political risk and trade credit market, and initial steps for insurers
The rapid spread of the coronavirus (COVID-19) has led to widespread disruption of global trade and business operations. Government actions to contain the spread of COVID-19 are challenging businesses’ ability to fulfill their contractual obligations. The pandemic is likely to have particular repercussions for underwriters of political risk and trade credit insurance. Most industries will be negatively impacted by COVID-19, and the effects will be exacerbated as the severity and length of the pandemic persists.
The current coronavirus outbreak (recently named COVID-19 by the World Health Organisation (WHO)) is dominating global headlines. Since it was first reported from Wuhan, China on 31 December 2019 it has spread to 25 countries, infected over 42,000 people and claimed over 1,000 lives.
On 29 January 2020, Lloyd’s published Market Bulletin Y5277 containing an update in respect of its approach to non-affirmative cyber risk. Lloyd’s strategy for the oversight of cyber risks will ultimately require all policies to exclude or provide affirmative coverage for cyber risks.
With the pace of change in the global insurance market showing no signs of slowing in 2020, we have underlined the London Market’s need to reassert its ability to adapt and manage the constant evolution of global risk. Releasing our annual London Market forecast for the year ahead, we have made predictions across 11 areas impacting the London Market, namely: aviation, casualty coverage, construction, cyber, energy, financial lines, marine, product liability and life sciences, professions, political risks and property damage.
The pace of change in the global insurance market has not slowed down in the last 12 months, nor are there any indications of it doing so over the course of the coming year.
The UK is the second least supportive nation in their attitude towards the development of unmanned vessels, according to our study across six territories (United Kingdom, United States, Australia, China, Singapore and Hong Kong), and the least supportive of autonomous vehicles more generally.
An independent and wide-ranging industry report that ranks insurance law firms across a variety of areas has seen Kennedys set the standard for service satisfaction levels.
In this article we explore the ramifications of business interruption, the legal framework relating to business interruption and how, through business continuity planning, those issues can be managed.