FCA Business Interruption Insurance Test Case - FOS decisions
>> Event Overview
Following the Supreme Court appeal judgment I delivered 44 talks to CII local institutes attended by 2,355 members and now have a further talk on the subject.
The one-hour webinar is again comprehensive and interactive and will focus on a number of various decisions made on complaints referred to the FOS following claims that have been turned down by insurers with the FOS considering the judgment of the Supreme Court in its decisions.
It will also provide an update following the judgment was handed down on 15 January 2021 to include insurer statistics on claims payments and on the Supreme Court’s Declarations.
17,527 claims have been settled now costing insurers £700m (as at 5 May to incl interim payments) but the FCA originally considered some 370,000 insureds have bought this cover from around 60 different insurers and the FOS does not appear to be over-stretching the reach of the judgment.
At the same time it will remind brokers, all of whom will have arranged these policies for clients, to encourage them to robustly reassess their advice process under ICOBS and their overriding professional duty to clients thus ensuring they are not blamed for having sold policies that have not fully catered for the needs of clients (and indeed brokers may be facing negligence actions right now). Plus we will look at whether you need covid to be covered under your PI policy going forward and what could happen if you don’t.
It is relevant to general insurance brokers/intermediaries, insurers, and any other market participants and everyone will receive a copy of the presentation after the talk.
>> Learning Objectives
By the end of this webinar you will gain insights into:
- FOS decisions in key areas – specified illnesses, on premises cover, plague, etc;
- Claims payment statistics;
- The advice process/what does this mean for clients/PII cover.
>> More about our speaker
Branko Bjelobaba FCII joined the insurance industry in 1987 and has worked across the sector including PwC and GISC and has led his own consultancy practice since 2004. He works closely with BIBA (and has published its compliance manual since 2004) and the CII and has provided well-received (even entertaining…) training events to thousands of people throughout the UK. He is a recipient of the Thomson Reuters Compliance Personality of the Year Award and the London Market People Award for Legal and Compliance.
As a leading commentator Branko has been covered by the insurance press on 50+ occasions since the pandemic took hold and had provided 140+ CPD events to 8,600+ people and feedback has been superb:-
"Branko's webinars are certainly one of the best. He can present quite a dry and relatively boring subject with such a passion and engages his public constantly. His events have very valuable content and presentation materials are well prepared and comprehensive."
"Branko has energy and enthusiasm and character which led to an engaging presentation. I would definitely sign up and recommend others do too for other topics/webinars led by him."
"Branko’s analysis was cogent and incisive. A lucid explanation of an intricate decision."
This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.