Business interruption
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Policy holders The Taphouse Townsville and LCA Marrickville, and insurer IAG have each filed applications for special leave to appeal to the Australian High Court. -
The court upheld decisions made in October, although it reversed some elements of the case between IAG and Meridian Travel.
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The broker expects ongoing single-digit growth within the ILS market.
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The November gathering will aim to combine a virtual segment and a “scaled-down” live event held in line with health and safety protocols.
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The carrier last year said its K sidecar would pick up Covid claims over time.
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The firm reported an industry-wide loss of $36.8bn caused by the pandemic, up from $29.5bn in Q3.
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The tally so far comes in far below the broker’s year-ago estimate of $80bn for a twelve-month lockdown.
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The organisers pledge to return to Monte Carlo in September 2022.
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The firm reported a $100mn drop in ILS AuM to $1.4bn, although previously had said deployable capital was lower.
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Some had argued that the definition of occurrence used by judges could make it harder for insurers to aggregate treaty claims.
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The carrier revealed 10.9% premium volume growth at 1.1.
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The fund’s worst ILS return to date is understood to be driven by investments hit by Covid-19.
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