Business interruption

BI and pandemics rise to top of risk list: Allianz

Business interruption and the threat of future pandemics have shot to the top of an annual survey of business risks compiled by Allianz, reflecting potential disruption and loss scenarios companies are facing in the wake of the coronavirus pandemic.

Supreme Court BI ruling a credit negative for UK (re)insurers: Moody’s

Moody’s has said that the UK Supreme Court judgment on the validity of business interruption (BI) claims is a credit negative for UK (re)insurers and will broadly lead to additional losses.

Supreme Court judgment fires starting pistol for Covid-19 reinsurance battle

The 15 January Supreme Court judgment will have a significant impact on property insurers, having effectively broadened the cover available to policyholders under non-damage business interruption extensions of cover.

UK insurers’ ratings unaffected by Supreme Court BI ruling: Fitch

The ratings of UK non-life insurers are likely to be unaffected by last week’s Supreme Court judgment on the validity of Covid-19-related business interruption (BI) claims, according to Fitch.

QBE strengthens Australian BI provisions by $185mn after UK Supreme Court ruling

QBE said the net cost of its UK business interruption (BI) claims will remain unchanged at $70mn following the Supreme Court’s judgment on the appeal against the High Court’s September ruling in the Financial Conduct Authority’s test case.

RSA: Supreme Court judgment will not change BI claim estimate

UK insurer RSA has said that the Supreme Court’s judgment last week in the Financial Conduct Authority’s business interruption (BI) test case will not lead to a revision of its claims estimate.

Supreme Court ruling “alleviates uncertainty” hanging over Hiscox share price

The Supreme Court’s final ruling on the Financial Conduct Authority’s business interruption test case has “put to bed” the uncertainty hanging over Hiscox’s ultimate losses from the event, according to a note from Berenberg.

BI verdict highlights growing “consumer-friendly” stance of UK courts

The pro-policyholder verdict handed down by UK’s Supreme Court on disputed business interruption claims highlights a growing trend amongst English judges to adopt a “consumer friendly” approach towards insurance litigation, according to Bryan Cave Leighton Paisner LLP’s Jonathan Sacher.

Sector welcomes “clarity” of Supreme Court test case ruling

The UK insurance sector has welcomed the “much-needed clarity” provided after the Supreme Court ruled on Friday that insurers must pay out to hundreds of thousands of companies forced to close during the country’s first pandemic lockdown.

Supreme Court overrules insurer-friendly Orient Express decision

The UK Supreme Court has ruled that the controversial and pro-insurer Orient Express verdict was wrongly decided and should be overruled, a move that could have significant implications for the assessment of business interruption (BI) claims for future loss events.

Hiscox ups Covid-19 BI estimate by $48mn following Supreme Court judgment

Hiscox has increased its estimated Covid-19 business interruption losses by $48mn following the Supreme Court’s judgment this morning on the Financial Conduct Authority’s test case appeal.

Hiscox shares fall 5% following Supreme Court judgment

Hiscox’s share price fell nearly 6 percent in the immediate aftermath of this morning’s Supreme Court judgment in the Financial Conduct Authority (FCA)’s Covid-19 business interruption test case appeal.

Supreme Court finds in favour of insureds in landmark BI test case

The UK’s highest court has found largely in favour of policyholders on a majority of key issues in the test case brought by the financial services regulator in a landmark ruling that could have billion-pound consequences for the UK insurance sector.

What is the best (and worst) the industry can hope for from the FCA appeal judgment

The Insurer looks at what is at stake and what are the best- and worst-case scenarios for the UK industry when the Supreme Court hands down its judgment on the FCA’s BI test case appeal.

US sports teams shoot for major league Covid-19 payouts

Major League Soccer (MLS) team Philadelphia Union has sued Chubb for Covid-19 business interruption (BI) losses on a policy with almost $200mn of limit, adding to a growing roster of lawsuits filed by professional US sports teams that seek billions of dollars of payments from insurers.

Judgment Day II: What to expect from the appeal of the FCA test case…

As The Insurer revealed yesterday, on Friday the Supreme Court will hand down its judgment on the Financial Conduct Authority’s appealed landmark test case on disputed Covid-19 business interruption claims in a verdict expected to have far-reaching consequences for both UK carriers and policyholders.

FCA’s BI test case appeal judgment set for 15 January

The UK’s highest court will hand down its judgment on the Financial Conduct Authority’s landmark test case on disputed Covid-19 business interruption claims on Friday 15 January 2021.

Irish insurer FBD strengthens board ahead of BI test case judgment

Irish commercial insurer FBD has strengthened its board with the addition of Tim Cullinan as independent non-executive director ahead of an important Commercial Court decision on disputed business interruption (BI) claims.

Santam to assess rejected Covid-19 BI claims

South African insurer Santam is to commence the process of assessing claims on policies with contingent business interruption (CBI) extensions after a recent court ruling ordered insurers in the country to pay out for BI losses.

BI litigation dominates the US insurance headlines in 2020

US insurers have faced an unprecedented amount of lawsuits stemming from Covid-19 but so far have avoided the worst case outcomes from the pandemic, with the vast majority of business interruption (BI) rulings going in the industry’s favour and legislative efforts to retroactively force coverage going nowhere.

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