Business interruption
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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. -
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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Collateralised re and sidecars are more likely to become subject to legal disputes around wording, the agency said.
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The carrier is one of a few that offers affirmative BI cover.
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The carrier’s P&C division could miss its 2020 operating profit target by 20 percent, CFO Giulio Terzariol said today.
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Major cat reinsurance losses are unlikely without over-reaching judicial action, the HSCM Bermuda leader argued.
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