Watchdog urged to force insurers to pay Covid BI claimsLawyers representing a group of policyholders have written to the Financial Conduct Authority (FCA) to report that some insurers are still refusing to pay out on business interruption claims following the UK High Court’s ruling last week.
California court rules Hartford virus exclusion bars Covid-19 coverageA district court judge in California has granted The Hartford’s motion to dismiss a Covid-19 business interruption (BI) case filed by a waxing salon, although the door was left open for an amended complaint to be filed.
Missouri judge denies another motion to dismiss a Covid-19 BI caseUS insurers have now suffered at least three unfavourable rulings in Covid-19-related BI cases after a Missouri district court judge denied Owners Insurance Company’s motion to dismiss a case brought by dental practice.
Under-scrutiny CinFin wins Covid-19 BI case dismissal in IllinoisCincinnati Financial – seen as one of the US insurers most exposed to potential Covid-19 business interruption (BI) claims because of the lack of virus exclusions in its policies – has been granted a motion to dismiss a lawsuit filed by a dental practice in Illinois.
City watchdog orders insurers to pay Covid BI claims as soon as possibleThe UK’s Financial Conduct Authority (FCA) has warned insurers to pay out on valid claims “as quickly as possible” following the High Court ruling last week on whether Covid-related losses are covered by business interruption insurance.
Parliamentary group chair backs call for public-private pandemic solutionThe chair of the UK government’s insurance-focused parliamentary group has thrown his support behind the creation of a “resilient” public-private pandemic (re)insurance solution.
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.