Business interruption
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More than 90% of crude oil production remained offline as of Sunday. -
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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The latest estimate is marginally below a previously disclosed $75mn UK BI claims cap.
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The Swiss carrier says any increase in P&C claims arising from the ruling won’t materially impact its earlier assessment of $750mn in Covid-19 claims.
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The insurer could have total gross losses of more than EUR500mn, according to a French publication.
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The estimate fell below the midpoint of Hiscox's prior modelled BI loss range.
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Reinsurance recoveries and a drop in overall claims will offset the BI loss hike.
