Business interruption

Australian insurers seek appeal after losing Covid-19 test case

The Insurance Council of Australia (ICA) has said it will “seek special leave to appeal” after losing its test case over Covid-19 business interruption (BI) claims.

Talent agency hits Chubb with $150mn Covid-19 lawsuit

United Talent Agency (UTA) has sued two Chubb subsidiaries in California state court, stating it has suffered $150mn of business interruption (BI) losses that should be covered by its policy that it claims does not have a virus exclusion.

FCA urges Supreme Court to rethink insurers’ reliance on Orient Express

The Financial Conduct Authority (FCA) has accused insurers of seeking to retrospectively choose what cover they provide in order to limit their exposure to Covid-19 related business interruption claims and once again criticised the controversial pro-insurer Orient Express ruling.

Owner of hotel that hosted Covid-19 super-spreader event sues Sompo

Sunstone Hotel Investors, which owns the Boston property that hosted what was seen as the first Covid-19 super-spreader event in the US, has sued Sompo for business interruption (BI) losses on a policy providing $40mn of coverage.

QBE: High Court’s BI decision adopted “wrong approach” to causation

The Commercial Court’s “misinterpretation” of disease clauses in disputed business interruption (BI) wordings has led the court to adopt a “wrong approach” to causation and needs to be rectified, the UK’s highest court has heard.

CinFin again seeks to reassure investors on BI claims

Cincinnati Financial has reiterated confidence in its legal strategy for Covid-19 business interruption (BI) claims despite its standard policies not containing a virus exclusion, and has revealed it has filed an appeal of a case it lost in North Carolina.

Suncorp sets aside additional A$125mn for Covid-19 BI claims

Australian insurer Suncorp has put aside an additional A$125mn ($91mn) for potential business interruption (BI) claims related to the second pandemic lockdown in Victoria and pending the outcome of a crucial test case that could impact Covid-19 exposures.

Appeal: What to expect as the FCA test case heads to the Supreme Court

The September ruling in the Financial Conduct Authority (FCA)’s landmark test case will be examined in the UK’s highest court this week in a hearing set to have far-reaching consequences for both carriers and policyholders. With so much at stake and to make sense of the issues at hand, we speak to Bryan Cave Leighton Paisner LLP’s Jonathan Sacher and Richard Jennings about what the industry can expect from the Supreme Court…

SMEs under threat if insurers do not payout on BI claims: HAG

Lawyers representing a policyholder action group involved in the UK regulator’s business interruption (BI) test case have warned a second national lockdown could see more SMEs fail if their insurers do not pay valid claims.

Houghtaling succeeds in advancing first Covid-19 BI case past motion to dismiss

A judge has declined to dismiss what is seen as the first Covid-19 business interruption case filed in the US, allowing high-profile plaintiff lawyer John Houghtaling to proceed with a Louisiana restaurant’s lawsuit against Lloyd’s underwriters.

FCA calls on Supreme Court to overturn test case “inconsistencies”

The Financial Conduct Authority has called on the UK’s highest court to correct a number of “inconsistencies and errors” in the September test case ruling on disputed business interruption claims.

Holiday operator claims Axis covered UK lockdown £60mn suit

UK holiday park operator Parkdean has argued that lockdown restrictions are the reason its business is down and not the general economic downturn, as it renews its bid to claim almost £60mn ($78mn) from Axis Syndicate 1686 to cover business interruption (BI) losses.

Supreme Court to hear FCA test case appeal on 16 November

The Supreme Court will hear appeal arguments on the Financial Conduct Authority (FCA)’s landmark test case on disputed business interruption (BI) claims on Monday 16 November.

Insurers would have to collect BI premiums for 150 years to absorb Covid losses: report

Global P&C insurers would have to collect business interruption (BI) premiums for 150 years to make up for projected global output losses in 2020 related to Covid-19, new research shows.

CinFin confident on BI exposure, but not everybody is so sure

Cincinnati Financial CEO Steven Johnston this week once again moved to calm investor fears over his company’s exposure to business interruption (BI) losses, after the insurer lost a case that at least one observer believes could mark a meaninful shift in US Covid-19 litigation.

Markel adds to Covid reserves after UK High Court test case ruling

Markel increased its provision for claims with direct or proximate cause from Covid-19 by almost $50mn to $374mn driven by the UK High Court ruling as it added to loss estimates in its reinsurance segment and also warned of the potential for indirect losses from the pandemic in areas like professional liability.

CinFin shares drop 9% after Covid-19 BI ruling news

Shares in Cincinnati Financial closed down 9 percent yesterday (22 October) after it emerged a state judge in North Carolina had granted partial summary judgments to restaurants that sued the insurer for Covid-19 business interruption (BI) losses, finding that government orders had caused direct physical damage.

RSA will not appeal on Resilience and Eaton Gate wordings

UK insurer RSA will not appeal to the Supreme Court over the High Court’s decision on three wordings in the City watchdog’s business interruption test case.

Cross-border pandemic solution “impossible”: Catlin

Any future public-private (re)insurance solution for pandemic risk must be confined within national borders with a global or pan-national solution “impossible”, according to Convex founder and industry entrepreneur Stephen Catlin.

Allianz secures summary dismissal of London café’s business interruption claim

The UK’s Commercial Court has dismissed a lawsuit filed by a London cafe against its insurer Allianz over the carrier’s refusal to payout for business interruption related to the Covid-19 pandemic.

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