As claims payments move beyond the $100 billion mark, COVID-19 is the industry’s “single largest event”. Lloyd’s of London CEO John Neal has announced that coronavirus insurance payouts will pass the $100 billion mark. This has made the pandemic the “single largest event” the industry has faced in its history. COVID-19 has had a powerful impact on many industries and insurers have been feeling the pain. Lloyd’s of London’s estimates now state that the industry will have paid out $100 billion for the claims relating to this catastrophe. This coronavirus…
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Will the UK Financial Services Industry be Affected by Brexit?
The UK has for many decades been a financial services hub within Europe and the World, with large financial services companies being head quartered in the UK or operating their EMEA or European operations in the City of London. With the potential exit from the European Union (EU), many customers of these large financial institutions will be concerned whether their products and services will still be valid following Brexit. At the present time any financial services organization authorized to operate in any European Economic Area (EEA) country can conduct business…
Read MoreGeneral insurance companies receive warning from UK financial watchdog
The Financial Conduct Authority has accused insurers of failing to focus on value for customers. Britain’s financial watchdog has accused general insurance companies of failing to consider customers’ value for money within their products and services. Insurance CEOs have been warned that the watchdog is prepared to take action against their firms as well as against the senior management of those insurers. According to the F.C.A., insurance companies are failing to provide policyholders with value. The Financial Conduct Authority (F.C.A.) issued a letter to the CEOs of several general insurance…
Read MoreBitcoin insurance is now available
Insurance coverage for digital currency comes to the UK Digital currency has been making slow progress with consumers and businesses alike for several years. The idea of digital currency is quite attractive, especially as mobile technology becomes more important in daily life. The idea, however, is also problematic in that digital currency is susceptible to a wide range of problems as well as being very attractive to hackers. Bitcoin could be considered the premier digital currency and its history has been marked by volatility, theft, and exploitation. Now, however, Bitcoin…
Read MoreLife insurance payout behind woman’s intention to kill her husband
A mother of two in England hired a hit man to murder her husband so that she could claim on his policy. In East Yorkshire, England, a 36 year old woman named Lisa Fairpo has been accused of hiring a man to kill her husband so that she would be able to collect on his massive life insurance policy. The intention was to murder her husband so that she would be able to use the payout to avoid bankruptcy. The case is now before the court and has revealed that…
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