Mishcon looks to expand dental practice BI group action against QBELaw firm Mishcon de Reya LLP is seeking to expand its group action targeting UK dental practices to include more QBE policyholders.
Paris court rules against Axa in restaurant BI caseFrench insurer Axa said on Thursday it would appeal a Paris commercial court ruling ordering it to pay five restaurant owners who had to shut during France’s coronavirus lockdowns.
CII urges action to avoid future test casesThe Chartered Insurance Institute (CII) has urged the profession and the government to reduce the need for Financial Conduct Authority (FCA) test cases in the future.
High Court’s “complex” BI ruling will take time to digest, sector warnsUK small businesses forced to close during the Covid-19 lockdown scored a major victory over insurers in a landmark test case on Tuesday, but the overriding message from the insurance industry is that the “complex” judgment will take time to digest before payouts are made and appeals are considered.
Under spotlight UK insurers respond to High Court BI judgementThe UK’s insurance industry has broadly responded positively to the UK’s High Court ruling in favour of policyholders on the majority of key issues, providing estimates for additional Covid-19 business interruption (BI) claims.
Covéa set for arbitration with Swiss Re on Eur500mn+ pandemic claimsFrench mutual Covéa and Swiss Re have appointed arbitrators over the reinsurer’s refusal to cover up to Eur1bn of non-damage business interruption claims paid out as a result of the Covid-19 pandemic, according to reports.
Zurich claims win as wording not triggered by UK BI test caseZurich has welcomed the High Court’s judgment regarding UK insurers’ liability for Covid-19 business interruption losses which it says confirms that the carrier’s wordings do not provide cover in relation to the pandemic or the government-mandated lockdown.
QBE pegs additional BI claims at $70mn following FCA verdict; mulls appealQBE has estimated it will face a net impact of around $70mn related to the High Court judgment in the UK Financial Conduct Authority’s (FCA) test case on Covid-19 business interruption claims following Tuesday’s verdict.
Travelers granted another motion to dismiss Covid-19 BI caseA California district court judge has granted Travelers motion to dismiss a Covid-19 business interruption (BI) case filed by a children’s clothes and toys store, bringing US insurers into double figures for favourable rulings in BI disputes stemming from the pandemic.
Insurers likely to appeal test case judgment: BCLP’s SacherThere is a “very good chance” the UK carriers involved in the Financial Conduct Authority’s (FCA) landmark test case into Covid-19 business interruption claims will seek to appeal the decision at the Supreme court, according to Bryan Cave Leighton Paisner LLP’s Jonathan Sacher.
Analysis: FCA verdict tilts in favour of policyholders as High Court rejects insurers’ Covid-19 stanceThe UK’s High Court decision in the FCA’s business interruption test case on Covid-19 claims found largely in favour of policyholders and clarified that the Covid-19 pandemic and the subsequent government lockdowns were to be regarded as a single cause of the covered loss, in contrast to recent legal interpretation of multiple loss causes.
Hiscox trades up despite FCA/policyholders victory in landmark BI test caseShares in Hiscox gained sharply on Tuesday after the London-listed carrier narrowed its additional Covid-19 exposures despite the High Court ruling that thousands of disputed business interruption policies are triggered by the pandemic in a landmark ruling that could have billion-pounds consequences for the UK insurance sector.
California judge cuts short barbershops’ Covid-19 BI suit against FarmersAnother insurer has been granted a motion to dismiss a US Covid-19-related business interruption (BI) suit, with a Southern District of California judge throwing out a case brought by the owners of two barbershops against Farmers.
Zurich circulates draft pandemic proposalZurich has suggested a draft proposal for protecting against future pandemics in the US, The Insurer has learned, adding another concept to those already being discussed by the industry and in Congress.
Chubb sued by production company after Covid-19 delays Ben Affleck movieA movie production company has sued Chubb for refusing to extend its policy after filming of a big-budget action thriller starring Ben Affleck was delayed by Covid-19, accusing the insurer of “a broad scheme to save itself tens of millions of dollars”.
Rep. Maloney holds stakeholder discussion to build Pria momentumUS Congresswoman Carolyn Maloney has emphasised the need for her Pandemic Risk Insurance Act (Pria) by hosting a discussion with stakeholders, including input from organisations that have proposed other solutions.
Judgment Day: What to expect from the FCA Test Case decision next week…The hotly anticipated judgment in the Financial Conduct Authority’s (FCA) test case on business interruption and Covid-19 claims will be handed down next week in a ruling set to have far-reaching consequnces 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 on judgment day…
AIG, FM Global and Lloyd’s among insurers in high-stakes casinos lawsuitsA notable subset of US Covid-19 business interruption (BI) litigation has been filed by casinos, with AIG and FM Global facing lawsuits seeking triple-figure payouts and insurers on an Alliant program facing multiple suits from Native American tribes.
Flight path to recoveryIn light of the increase in the value of grounded aircraft exposures, Russell Group’s Suki Basi explains why realising these figures is beneficial for (re)insurers.
Michigan judge hands State Farm another win in Covid-19 BI caseA district court judge in Michigan has granted State Farm’s motion to dismiss a case brought by a chiropractor seeking business interruption (BI) losses related to Covid-19, marking insurers’ second favourable ruling of the week following a similar ruling for Nationwide.