Insurance Law360 UK provides breaking news and analysis on the insurance industry. Coverage includes U.K. and European Union regulation, legislation, enforcement, and litigation involving insurance companies, underwriters, reinsurers, and brokers.
A group of 12 insurance underwriters including Axis, Munich Re and Tokio Marine have told a London court that a finance company was fully aware that a fleet of ships was likely to be scrapped as they hit back in a $23.7 million claim.
Insurance giant Aviva PLC said on Thursday that it expects to take a £100 million ($130 million) hit from claims linked to COVID-19 during the course of the pandemic, lower than the £165 million estimate it published earlier this year.
The Financial Reporting Council on Thursday called on businesses to provide "meaningful explanations" about their shareholders and operating systems after it found that many companies are leaving out crucial details in their corporate governance reports.
Lloyd's of London said it has been granted approval by a court in London to transfer a book of European insurance business to its new hub in Belgium, as the market gears up for the end of the Brexit regulatory transition period.
The Organisation for Economic Cooperation and Development will probably complete an information standard on crypto-assets next year, the top tax official for the 37-nation standards setter told Law360 Thursday.