FCA outlines expectations for GI firms amidst COVID-19 pandemic…Keep up with what’s been happening this week in our latest insurance news round-up…

ABI clarifies position on business insurance amidst backlash

Because most commercial insurance policies don’t cover for business interruption caused by pandemics, the insurance industry has face customer backlash. The Association of British Insurers (ABI) have explained why most businesses won’t cover and they view on the backlash after government assured policyholders that their claims would be accepted.

IGI has started trading on the Nasdaq Capital Market

International General Insurance Holdings Ltd (IGI) recently announced the success of combining businesses with Tiberius Acquisition Corporation, making it a public trading company. Soon after, IGI have began trading its common shares on Nasdaq under the symbol ‘IGIC’.

FCA outlines expectations for GI firms amidst COVID-19 pandemic

The Financial Conduct Authority (FCA) has explained their expectations for general insurance firms during the coronavirus pandemic. They also outlined information for customers about what they should see from their insurance provider during this time.

Lloyd’s of London to shut market today

Chief Executive John Neal has announced that Lloyd’s of London market will close its underwriting floors for a day to test emergency protocols due to coronavirus. This will be the first time Lloyd’s has shut in 330 years.