About us
We are nerds with some sense of insurance humor :)
- Industry
- Insurance
- Company size
- 2-10 employees
- Headquarters
- London
- Type
- Educational
- Founded
- 2024
- Specialties
- insurance, finance, actuary, underwriting, claims, statistics, and analytics
Locations
-
Primary
London, GB
Updates
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InsuranceComics reposted this
Our analysis of over 70 insurers across 13 European markets reveals a significant opportunity for enhancing digital sales in insurance, especially for non-life products. Many insurers, however, still face challenges in creating effective digital sales journeys, often pushing customers back to traditional methods. Discover how leading insurers are transforming their digital strategies to capture more market share, reduce costs, and improve customer experience in our latest article, “Transforming the Digital Sales Journey in Insurance” here: https://lnkd.in/ggvtqjun #insurance #digitaltransformation #digitalinsurance Thank you to our great authors, Angelo Candreia, Tobias Hofer, Kryštof Touška, and Siddharth Kumar.
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InsuranceComics reposted this
clause vs clause
•Partner (Vin Partnership) •L.L.B. (Hons) •Barrister at Law •Certificate of Practice in General Insurance •Masters(MSc) Economic Crime Management
"𝗙𝗼𝗹𝗹𝗼𝘄 𝘁𝗵𝗲 𝗦𝗲𝘁𝘁𝗹𝗲𝗺𝗲𝗻𝘁 𝗖𝗹𝗮𝘂𝘀𝗲" 𝘃𝘀 "𝗖𝗹𝗮𝗶𝗺𝘀 𝗖𝗼𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻 𝗖𝗹𝗮𝘂𝘀𝗲" 𝗪𝗵𝗶𝗰𝗵 𝗼𝗻𝗲 𝘁𝗮𝗸𝗲𝘀 𝗽𝗿𝗲𝗰𝗲𝗱𝗲𝗻𝗰𝗲? In the recent Court of Appeal case, Chubb Insurance Malaysia Bhd v Allianz General Insurance Company (M) Bhd, the court examined the relationship between the "claims cooperation clause" (hereinafter 𝗖𝗖𝗖) and the "follow the settlements clause" (hereinafter 𝗙𝗦𝗖) in a reinsurance contract. This decision provides important insights for the reinsurance industry. Key Clauses Explained Follow the Settlements Clause: Requires the reinsurer to adhere to the settlement decisions made by the reinsured, as long as these decisions are made in good faith and align with the original policy terms. Claims Cooperation Clause: Obligates the reinsured to notify the reinsurer of claims, provide necessary information, and cooperate during the claims process. Court's Interpretation The issue was whether the CCC should take precedence over the FSC. Chubb contended that Allianz's compliance with the CCC was a condition precedent for invoking the FSC. They argued that Allianz failed to keep them adequately informed and did not seek their approval before settling the claim. Court's Findings No Condition Precedent: The court ruled that the CCC was not a condition precedent. There were no explicit terms requiring Allianz to comply with this clause before benefiting from the FSC. Good Faith Requirement: The FSC is based on good faith, requiring the reinsured to act honestly and in a business-like manner. The court found that Allianz met these requirements. Compliance with Claims Cooperation: Although Chubb criticized Allianz for not seeking approval before settlement, the court noted that the CCC did not grant Chubb control over the claims process. Allianz's obligation was to notify and inform Chubb, which it did satisfactorily. Purpose of Reinsurance: The court emphasized that reinsurance contracts aim to protect the reinsured from significant losses. It interpreted the clauses to uphold this purpose, ensuring the reinsured could rely on risk coverage without excessive restrictions from the reinsurer. Conclusion The ruling clarifies that unless explicitly stated as a condition precedent, the 𝗖𝗖𝗖 𝗱𝗼𝗲𝘀 𝗻𝗼𝘁 𝗼𝘃𝗲𝗿𝗿𝗶𝗱𝗲 𝘁𝗵𝗲 𝗙𝗦𝗖. Reinsurers must clearly articulate their requirements within the contract to limit obligations under the FSC. This case underscores the importance of clarity in reinsurance contracts and ensures reinsured parties can process claims in good faith and business-like manner. This decision is crucial for the reinsurance industry, reaffirming the balance between cooperation and the autonomy of the reinsured in claims handling, and highlights the need for precise contractual language to avoid disputes. #reinsurance #followthesettlmentclause #claimscooperationclause #insurance