Beazley plans to shrink physical presence at Lloyd’s & more…Keep up with what has been happening this week in our latest insurance news round-up…

Lloyd’s of London will offer insurance to cover Covid-19 vaccine

The insurance market, Lloyd’s of London, is planning to start offering insurance coverage for the delivery of Covid-19 vaccines to help with transporting the vaccines safely to low-income countries.

Beazley plans to shrink physical presence at Lloyd’s

Insurer, Beazley’s chief executive has said that the firm plans to reduce its physical presence at the insurance market due to the success of working from home during the coronavirus pandemic. They plan to deal with simpler risks virtually to achieve this.

RSA accused action group of the ‘clear misuse’ of the word ‘peril’ during FCA test case

During the fourth day of the Financial Conduct Authority’s Covid-19 business interruption test case. David Turner QC who is representing RSA accused the Hospitality Insurance Group Action of the misuse of the work peril int heir statements.

Lloyd’s of London proposes ways for insurance to prepare for future pandemics

Insurance market, Lloyd’s of London has published a few different ways the Insurance industry can recover from the economic and societal impact of the current Covid-10 crisis; and how they can also prepare for further pandemics.

Brolly acquired by Direct Line Group

UK digital insurance app, Brolly has been acquired by the insurance company, Direct Line Group. The transaction is expected to formally close during the third quarter of 2020.

Insurance companies argue FCA’s approach could lead to ‘injustice’

In the Financial Conduct Authority’s BI test case, defendants such as Hiscox, RSA and Zurich have said that their case is “an orthodox application of core principles which themselves exist to avoid unfairness”.