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U.K.'s central bank the Bank of England said that 36 million British and European policyholders could have their cover voided if no deal is struck on insurance contracts due to Brexit, Bloomberg reported. The central bank said that up to £26 trillion ($34.6 trillion) of outstanding contracts could be left hanging without an agreement due to the fragmentation of derivatives clearing from London.
1. Turkish airlines cancel flights to Iran and Iraq amid war concerns
2. Zurich Insurance to stop underwriting new oil and gas projects
3. Bermudan, European reinsurers to suffer major hit from bridge collapse
4. Tycoon gets death sentence for multi-billion-dollar fraud
5. Inflation drives 10% increase in sum insured for windstorms
6. Apple loses bid to throw out $977M lawsuit over app store fees