Business interruption
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With the fundraising season approaching, tensions are rising over several points of dispute. -
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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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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Property BI claims appear well below treaty reinsurance triggers.
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The insurance industry's early victory could set a precedent for the many pandemic-related disputes in train.
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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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