Business interruption
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Both Suncorp and QBE said multiple tests applied to trigger BI coverage, with QBE saying aggregate reinsurance should mitigate net exposure.
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Court rules policy exclusions referring to outdated law not valid.
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Australian carrier ups coronavirus BI provision to A$195mn.
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The carrier expects its total losses to reach EUR700mn-EUR900mn, as Covid claims reports begin to flow to reinsurers. -
Sources think the court ruling in favour of a German beer hall in October could have widespread repercussions.
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The carrier has fully eroded the retention on its group aggregate cover, limiting Q4 cat exposure.
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The case was launched after thousands of businesses attempted to claim on their insurance for Covid-19 related BI.
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Applications have been filed for a 2 October hearing.
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The president and CEO urges wordings precision to avoid cyber-related litigation.
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If reinsurers prevail in limiting insurers from aggregating BI claims, this will shield retro markets.
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The multidistrict litigation panel is expected to reach a decision by early next week.
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Financial Services Director General John Berrigan wants to establish a new working group which will report back with proposals in the first quarter.
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