FCA final rules on general insurance pricing practices – “At a glance” guide

The FCA has implemented a package of remedies to address problems identified in its market study looking at pricing practices in home and motor insurance markets.  “Price walking”, a practice which means that existing customers can pay considerably more at renewal of their policies than new customers for the equivalent cover, will be prohibited. Read more

The PI insurance crisis in construction: not just a supply chain issue

In March 2021, the Construction Leadership Council published its findings of a recent pan-industry survey of over 1,000 firms, which confirmed a widespread problem experienced by many construction and architecture firms in obtaining professional indemnity insurance (“PII”) cover1. The survey found that companies were being prevented from taking on projects, and even having to change … Read more

Article published – Insurance and insolvency

The pandemic has plunged many previously healthy businesses into or close to insolvency, with serious implications for both the company itself and its commercial counterparties. Fiona Treanor, Antonia Pegden and Alexander Oddy have written an article for In-House Lawyer magazine which outlines some of the key insurance issues which should be considered by in-house lawyers … Read more

Court of Appeal rules on test for inducement pre-Insurance Act 2015

The Court of Appeal has dismissed the insurer’s appeal in Zurich Insurance Plc v Niramax Group Ltd [2021] EWCA Civ 590. Upholding the first instance decision of Cockerill J (discussed in our earlier blog post here), the Court of Appeal held that the insured’s non-disclosure of material facts had not induced the insurer to renew … Read more

Article published – Insurance items on the board’s agenda for 2021

The past 12 months have been unprecedented, with many organisations grappling with the pandemic and its impact to their business.  But it isn’t just Covid-19 that is on the agenda for many boards, there are a number of other emerging risks that should be top of mind, from an insurance perspective, including: the wider implications of … Read more

Court of Appeal Clarifies Approach to Interpretation of EU Retained Law

A recent decision of the Court of Appeal has clarified the approach that English courts should take to retained EU law following the UK’s withdrawal from the EU.  The case concerned the interpretation of an EU regulation which until 31 December 2020 (“IP completion day“) had direct effect in the UK but which now applies … Read more

The FCA’s proposed new ‘Consumer Duty’ – what does it mean?

The FCA has published its long-awaited consultation on ‘duty of care’ which has morphed into a proposed package of measures intended to deliver better outcomes for consumers – together a new ‘Consumer Duty’. The consultation, which is open until 31 July 2021, proposes: a new Consumer Principle that provides an overarching standard of conduct; and a set of Cross‑cutting … Read more