Business interruption
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The retro vehicle has only picked up a small share so far but this will grow. -
With the fundraising season approaching, tensions are rising over several points of dispute.
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The law firm representing customer action groups claims brokers discouraged policyholders from lodging Covid-19 claims.
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The judges will now consider their verdicts, with an ambition to produce a draft judgement in mid-September.
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An unspecified superior court will hear the ICA-funded case, with the outcomes used by the Australian financial ombudsman.
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The (re)insurance supervisor calls for “skin in the game” from all risk owners to reduce the risk of moral hazard arising from any state backstop.
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The insurer also took a $400mn subrogation gain on wildfire losses.
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In a joint defence, eight carriers in the High Court case reject FCA’s interpretation of proximate cause.
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The regulator says that the losses were caused by a “jigsaw” of events that should be considered as a whole.
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Insurance bodies including APCIA and NAMIC strongly oppose the draft legislation.
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The carrier’s plan would provide up to $750bn in pandemic cover for small businesses and $400bn for large enterprises.
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Property BI claims appear well below treaty reinsurance triggers.
