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Covid-19: Hospitality group forms to fight insurers over BI

The group is being advised by Mishcon de Reya and will look into claims denied by any number of insurers naming Axa, China Taiping, RSA, Touchstone, and Zurich but excluding Hiscox.




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Covid-19: QBE latest provider facing legal action after denying BI claims

Simon Sloane, partner at law firm Fieldfisher, says over 40 policyholders in the dental sector are interested in pursuing action.




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Arron Banks and Elizabeth Bilney agree settlement with Electoral Commission

Commission states it accepts the National Crime Agency’s conclusions that it found no evidence that any criminal offences had been committed after it investigated loans totalling £8m provided to the Leave.EU campaign from one of Banks' other companies.




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Brokers under threat in Covid-19 BI dispute

Experts have warned that business interruption could be “the next PPI for brokers “as FCA seeks legal clarity on BI wordings.




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Biba research puts telematics policies at almost one million

Figures reveal a 30% uplift on 2016.




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In-depth - liability: The future of construction PI

Are there any solutions to the loss of capacity and increasing premiums in construction PI? Martin Friel investigates




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In-depth - liability: Are D&O rates being held captive?

With rates down and claims up, brokers are facing a new reality in the directors & officers market. Martin Friel reports




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Covid-19: Hiscox hits back amid BI dispute

The insurer is facing a potential class action after declining a series of business interruption payments but says it could pay up to $175m and is “proactively paying claims”.




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Covid-19: Celebrity chef joins firms attacking Hiscox over BI cover

Reports state star chef Raymond Blanc has slammed Hiscox for not paying out after he was forced to close his restaurants and pubs in the wake of the coronavirus outbreak.




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Lloyd’s pulls together BI data for PRA – reports

The marketplace has been asked to collate insurer BI cover information for the regulator.




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Covid-19: Legal firm calls for joint govt and industry BI recovery plan

Flaxmans makes case for government and insurance sector to team up to help businesses recover following the coronavirus pandemic as Mactavish calls for independent review.




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Fresh attack on Hiscox BI stance from night life industry

The Night Time Industries Association has been advised members have a “good case” against Hiscox as barrister warns “insurers will never be forgiven” for response to Covid-19.




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Covid-19: Litigation against brokers and insurers set to increase amid BI row

The market has been criticised for its response to the coronavirus crisis, particularly with regard to business interruption as providers "look down the barrel' of class action.




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Hiscox Action Group appoints big-hitting legal firm to represent members in BI row

The group of companies criticising Hiscox for refusing to pay out BI claims as a result of the coronavirus says it is also in "advanced talks" with a litigation funder to underwrite its entire legal costs as dispute hots up.




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Covid-19: RSA faces legal action in BI dispute

RSA is latest provider in firing line as nursery sector hits out and, separately, a new action group, Insurance Justice, has been set up to defend BI claims for businesses.




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Insurance Covid-Cast - episode five: Could the FOS be key to help bring clarity and nix growing number of SME BI complaints

In the latest episode of Insurance Post and Insurance Age’s new series of video casts brought to you while our journalists are in isolation lockdown we discuss the ongoing confusion around business interruption cover, and what is needed to bring some clarity to the situation




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Covid-19: Hiscox Action Group gets funding for BI litigation

Harbour Litigation Funding will pay Mishcon de Reya to review the claims business owners have against Hiscox.




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Insurance Covid-Cast - episode six: From panic to practicalities, what will BI insurance look like when the Covid-19 recriminations settle down

In the latest episode of Insurance Post and Insurance Age’s new series of video casts brought to you while our journalists are in isolation lockdown we discuss how the insurance industry let the narrative over business interruption become national headlines for the wrong reasons.




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Covid-19: Broker calls on Chancellor to release Pool Re funds for BI claims

NDML is asking for some of Pool Re’s £6.6bn cash to be used to help businesses in the leisure and hospitality sector which have been hit by coronavirus.




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Covid-19: FCA bares teeth as BI dispute hots up

Regulator seeks court action to resolve uncertainty on business interruption cover and bring clarity on specific policy clauses.




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Covid-19: Hiscox BI pressure groups join forces

Hiscox Action Group and the Night Time Industries Association, representing more than 500 businesses, have agreed to work together to challenge Hiscox’s business interruption stance.




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Covid-19: Allianz latest insurer in legal BI firing line

Edwin Coe is representing a group of businesses with the insurer’s Resilience policy wording.




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Insurance Covid Cast Episode Nine: Could Tiger King Joe Exotic cut it as a fraud fighter or handle big cats at Lloyd’s?

In the latest Insurance Post and Insurance Age video cast brought to you while our journalists are in isolation lockdown we present first in an irregular series - Covid Culture Club - where we discuss things to watch and do at home.




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Product review: Management liability made easy

Keeley Theron, commercial manager at SJL Insurance, reviews C-Quence's ML5 Management Liability Insurance product




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Bicycle broker Laka to expand its product range

CEO and co-founder, Tobias Taupitz, discusses the start-up's expansion plans, its "coup" to have Amanda Blanc join its board, and why he believes Laka's pooled payment calculation model should be used across the industry.




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How to 'Download' Your Old Computer to the Highest Bidder

When you think trash, you surely don't think about your old, trusty personal computer. But that's exactly what will become of it when you make the inevitable move toward your next laptop or desktop. And, yes, buying a new computer is inevitable, considering the pace at which computer technology zips along. Just think—about a handful of years ago, a fast microprocessor for a laptop was at 233 MHz. Now you're looking at about at least 2 GHz! That's Giga, with a G.




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Keyman Insurance - Protect Yourself Against Your Biggest Businesses Risks

Keyman insurance is one of the most overlooked insurances for business - but also one of the most important. This article looks at the risks it can cover for Directors, Shareholders, partners and employees alike.




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Maintaining profitability important in big banks’ interest rate cut decisions

27 April 2020

Maintaining profits was a major consideration for the big four banks as they weighed whether to reduce mortgage rates in line with Reserve Bank of Australia cash rate cuts during 2019, the ACCC has found.

The ACCC’s Home Loan Price Inquiry interim report, released today, shows that the big four banks considered various factors as they decided whether to pass on the RBA’s June, July and October 2019 rate cuts. But recovering profits was central to their decisions to not always fully pass through the lower rates to mortgage customers.

“The banks were attempting to shore up their profitability during a period of low interest rates,” ACCC Chair Rod Sims said.

“It was their strong preference, after the RBA’s cuts, not to further reduce the rates customers were earning on some deposit products as they approached zero per cent.”

“The banks’ reluctance to cut these deposit rates led them to anticipate lower profits, which they aimed to recover by not always fully passing through cash rate cuts to their mortgage customers,” Mr Sims said.

The ACCC’s analysis also found that the big four banks benefitted from a sustained decrease in their funding costs during much of 2019. While headline rates for owner-occupier home loans with principal and interest repayments fell overall during 2018 and 2019, the banks’ funding costs fell even more over the same period.

“We recognise that much has changed in the economic and funding environment since last year. The COVID-19 pandemic has shifted priorities and the banks are playing an important role in supporting the economy,” Mr Sims said.

“However, the inquiry findings shed an important light on bank decision making and raise questions about whether the banks could, at the time, have passed on a higher proportion of those RBA cash rate cuts to their mortgage customers.”

The ACCC’s Home Loan Price Inquiry interim report also shows that although average interest rates charged by the big four banks on home loans fell during 2019, a lack of price transparency and higher interest rates for existing loans continued to cost customers.

The interim report examines home loan prices charged by the big four banks between 1 January 2019 and 31 October 2019. It found that home loan pricing practices continue to make it difficult for consumers to compare different mortgage products.

Headline rates did not accurately reflect the price most big four bank customers actually paid for their home loans, because the overwhelming majority of customers received discounts, including opaque discretionary discounts.

“Given the economic disruption, uncertainty and job losses stemming from the COVID-19 pandemic, many consumers may not be inclined to shop around and ask for discounts from their banks right now,” Mr Sims said.

“However, our analysis shows how that even a small further reduction in interest rates could potentially save thousands of dollars over the life of a mortgage. Consumers should consider this carefully when it is time to re-engage with their lender.”

For example, a customer with an average-sized new, owner-occupier, principal and interest mortgage of $386,000 could save about $5000 on interest payments in the first year if they went from having no discount to receiving the big four banks’ average discount of 128 basis points.

At the end of September, customers with new owner-occupier loans with principal and interest repayments were paying, on average, 26 basis points less than customers with existing loans. The difference was usually even more significant for customers with older loans.

The ACCC’s final report, scheduled for release later this year, will consider barriers to consumers switching to alternative home loan suppliers.

Further information at Home loan price inquiry

Background

On 14 October 2019, the Treasurer, the Hon. Josh Frydenberg MP, issued a direction to the ACCC to conduct an inquiry into the market for the supply of home loans. The specific matters the ACCC was directed to take into account included:

  • prices charged for home loans since 1 January 2019, including:
    • the difference between advertised interest rates and interest rates paid by customers
    • the difference between interest rates paid by new and existing customers
    • home loan suppliers’ pricing decisions following changes in the RBA’s target for the cash rate, including the extent to which changes were due to suppliers’ cost of funds and the timing of the suppliers’ announcements
  • impediments to consumers refinancing to alternative home loan suppliers.

The interim report focuses on the first issue regarding the prices charged for home loans between 1 January 2019 and 31 October 2019 by the big four banks, which account for close to 80 per cent (by value) of home loans held by authorised deposit-taking institutions in Australia. The final report will consider the second issue, impediments to consumer switching.

The big four banks are Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank, and Westpac Banking Corporation.

In preparing the interim report, the ACCC used its compulsory information gathering powers to obtain information and documents from the big four banks, and supplemented its analysis with data supplied by the RBA and the Australian Prudential Regulation Authority. 

The findings in the report reinforce and build on those in the ACCC’s earlier Residential Mortgage Price Inquiry.

Release number: 
84/20
ACCC Infocentre: 

Use this form to make a general enquiry.

Media enquiries: 
Media team - 1300 138 917
Audience




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Annual Forecasts & Fengshui Remedies for 2006 : Year of the Yang Red Fire Dog - for Rabbit Sign

If you were born in the Year of Rabbit or Hare or Cat (1915, 1927, 1939, 1951, 1963,1975, 1987, 1999) as per Chinese Astrology, know how you will fare in 2006 in your Career/Business, Health, Wealth, Harmony and Love. Be aware of your strengths and be warned of the negative energy that you may have to face, to plan your strategies well ahead. Get to know the Fengshui Enhancers and Cures that can help you, too.




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What Is The Big 'R' For Marketing Your Business ?

A look at the big 'R' of recognition for marketing your business and how a digital advertising network may help.




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Kitchen Cabinet Design For Comfortable Kitchens

Your cabinets are a large part of your kitchen decorating scheme, discover some options in kitchen cabinet design.




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Kill Bills

Bills are like warts. They pop up when least expected, they're ugly and annoying and seem to stick around forever. This article suggests various ideas to help eliminate those extra bills from cluttering your finances.




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Online Movie Rental - One Billionth Netflix Movie - Putting It in Perspective

Netflix delivered its billionth movie in February 2007. How does this stack up to other products and services and what will it take to deliver several billion more?




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How Walk-in Showers Can Aid Those with Reduced Mobility

If you have less than perfect mobility, the chances are lowering yourself into a bath-tub is out of the question. But if you have a shower that's fixed over the bath, the chances are that having a shower can be a less than easy experience too. Bathrooms can be very hazardous environments; slippery floors, bath sides or shower trays to negotiate as well as the difficulty in standing for long periods in the shower.




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Can Your Webbing Handle the Load?

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Algorfa - The Little Village With a Big Welcome

Information and history of Algorfa on the sunny Costa Blanca, Spain.




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Budget Safaris in South Africa and Namibia

Guide to choosing a budget safari, what to look for, how to make your money go further, and how to avoid common pitfalls.




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Use Ginkgo Biloba to Starve Off Alzheimer's and Dementia

Using special nutrients and a good diet is the best way to deal with signs of dementia. Ginkgo Biloba has been used for centuries and it still has been proven to be one of the best nutrients to improve brain function. Find out why.




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11 Fail Proof Habits for Producing a Floodgate of Energy

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Planning to Rent a Cabin This Year? Follow These Safety Tips for a Safe, Memorable Trip

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Understanding the benefit of biomechanics in Golf

There are many biomechanical reasons why you can't hit the ball a long way or you slice or hook your shots. Understand how biomechanics can improve your game, remove your weak shot and reduce your risk of injury




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Racing and the Street - A Deadly Combination

Street Racing seems like the most affordable way to get the automotive adrenaline rush all us enthusiasts crave.




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Always Have An Auto Bill Of Sale

Whenever you sell a motorized vehicle, make sure to have a completed bill of sale to avoid being the focus of any odometer fraud case.




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Introduction to Trade Show Exhibits

This article provides a basic introduction into trade show exhibits including truss exhibits and accessories such as light packages, backlit headers and more.




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Celebration Cakes Ministry Brings a Happier Birthday to Kids in Need

Find more Twitter Visit here for more information. Continue your research here. Keywords: Unique wedding cakes, Cake shops in toronto, Speciality birthday cakes, How to make specialty cakes, Specialty cakes online, Custom cakes toronto.

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Captn Salsas Grill Roasted Yard Bird

Delicious golden brown moist and tender, some of the best melt in your mouth grill roasted chicken you will ever eat.




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Big Bang Booming - Back to the Future

Theoretical cosmologists spend much of their time perfecting what is now known as the 'Big Bang' theory. This concept originates from ideas percolating in the minds of scientists, theologians and astronomers down through the ages. However, much of what they consider as proof for the 'Big Bang' is dependent upon uncontrolled experimentation that is molded to meet their expectations.




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Biodiesel, What Is It?

The basics on Biodiesel, an alternative fuel source available today for motorists.




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A New Focus for Web Development and SEO Mobile Optimization

Info Twitter Visit here for more. For more information, read this website. Keywords: Website design company, Website specification template, Web developer, Top website design company, Web site design services, Web designer. Graphics: Share Inforgraphic

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My Prized Piece of Baseball Memorabilia

I loved being the agent. Selling this contract that one of the founding fathers of baseball signed off on. It still gives me goosebumps