Professional Focus: How insurance intermediaries can cope financially
23 June 2020
23 June 2020
Professional Focus, Branko Bjelobaba FCII, Principal, Branko Limited
This 55 minute lecture (delivered in two parts) will focus on the key financial aspects for insurance intermediaries and what changes you will have made/will need to make as a result of COVID-19.
It is up to date as at 21 May when it was recorded and since then we would seek to highlight the FCA guidance for insurance and premium finance firms that went live on 18 May, the key update on the FCA Business Interruption High Court case on 1 June and finally the FCA's guidance on product value that was published on 3 June. You can read further regarding these updates on the FCA site.
Some 13,000 firms will also receive a financial resilience survey from the FCA which is being sent out between 4 and 8 June.
- What the FCA expect right now
- Assessing overall business solvency
- Carrying out a review of all expenditure
- Reviewing exposure to key clients and inherent risks
- Taking advantage of what help is available
- Furloughing and other staff matters
- Looking ahead to the next stage of any cost reduction
- Does business interruption insurance (BII) cover any of this?
- Exposure from selling defective BII to clients
- Responsibilities of Senior Managers at this time
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.