Business interruption
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The insurance industry's early victory could set a precedent for the many pandemic-related disputes in train. -
The FCA test case for Covid BI claims could have huge implications for insurers.
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To what extent does the business opportunity for new start-ups rely on BI losses that the industry is vigorously rebutting?
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As many parts of the world start to emerge from lockdown, potential Covid-19 BI claims are yet to be tested.
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A Hiscox group is seeking £52mn while lawyers for a QBE group action have secured funding.
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The late July High Court hearing will also involve Arch, Argenta and QBE.
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The risk of insurers having to make partial upfront payments up is likely to be highest in Continental Europe, Philip Kett adds.
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The CIAB’s latest market survey also found carriers pushing for higher deductibles.
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The insurer has a $75mn retention in place under its treaty.
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The carrier has said it will appeal the court’s decision as it remains convinced the policy doesn’t cover such a claim.
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The scheme could see claimants in different sectors offered pence per pound of limit purchased.
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Voluntary insurance participation, backed by reinsurance, is a better alternative than a replica of the US terrorism backstop, they argued.
