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Insurer shares climb despite BI payout predictions
Some of the Insurers involved in the Financial Conduct Authority’s business interruption test case saw share prices increase following the verdict, despite participants being told to pay out for some claims.
QBE forecasts $70m net hit after BI ruling
QBE has predicted that it faces a $70m (£54.3m) hit net of reinsurance for business interruption claims in the UK after the court ruling yesterday on the BI test case.
FCA BI test case: Insurers likely to appeal - but at what cost?
Insurers have been urged to consider the “reputational damage they may suffer” before appealing the Financial Conduct Authority's business interruption test case judgment.
BI judgment welcome news for policyholders but result differs by wordings
Disease and ‘hybrid’ wording policyholders are particularly well placed to seek compensation after the landmark High Court ruling today in the business interruption test case and those with prevention of access wordings may also find they have cover, law…
Hiscox pegs Covid BI claims at ‘less than £100m’ after judgment
Hiscox expects to pay ‘less than £100m’ net of reinsurance towards business interruption claims, the insurer said in an update following a court judgment.
Briefing: FCA BI test case result no panacea
On 15 September the judges in the Financial Conduct Authority’s business interruption test case will hand down their judgment. But this will not mark the end of the struggle between insurers and customers.
FCA BI test case judgment expected Tuesday
The judgment in the Financial Conduct Authority’s business interruption test case, in which the regulator is representing policyholders against insurers, is expected Tuesday 15 September.
BI court case judges aiming for draft judgment in mid-September
Lord Justice Flaux has confirmed the middle of September as the target date for a draft judgment in the business interruption court case brought by the Financial Conduct Authority against UK insurers.
QC accuses FCA of failure to show causal connection between government action and the disturbance to the insured businesses
Insurers argued the Financial Conduct Authority is “unable to demonstrate” any meaningful connection between the action taken by the UK government on a national basis in response to Covid-19 pandemic and the locality of firms’ premises, as the court…
QC calls on court to treat insurers fairly
Insurers dived into the causation debate during today's proceedings, slamming the Financial Conduct Authority’s approach to the ‘but for’ test as the business interruption case continued in the High Court.
FCA picks apart insurer reliance on Hurricane Katrina judgment in BI test case
On the second day of the Financial Conduct Authority’s business interruption test case, the regulator’s lawyers argued there are key issues with the Hurricane Katrina Orient Express judgment insurers are expected to lean on during the case.
FCA versus insurers as test case showdown begins
It was today confirmed up to 370,000 policyholders may be affected by the Financial Conduct Authority's High Court case, which aims to decide on the validity of business interruption cover during the coronavirus outbreak.
Insurers haul brokers into FCA BI case again
A joint skeleton argument attacks the FCA’s stance that SME customers are not sophisticated insurance buyers because they used brokers and slams Contra Proferentem as “restrictive” and “out of step”.
Restaurants that changed to takeaways under lockdown not 'same insured business' argues FCA
The Financial Conduct Authority has argued that where businesses made changes to their model and customers could not access them as normal, giving the example of a restaurant becoming a takeaway, they are not the "same insured business" and insurers…
Insurers argue FCA BI victory would lead to ‘injustice’
Defendants in the Financial Conduct Authority’s BI test case warn providers could be liable for losses they never agreed to cover.
Insurer approaches to causation ‘legally flawed’ FCA argues in BI test case
The Financial Conduct Authority has alleged that insurers’ approach to causation in the business interruption test case is “legally flawed” and the defendants have “overlooked” contractual contexts.
Insurers failed to raise issues with government's restriction triggers says FCA
Insurers should have offered government earlier ‘opportunity’ to regulate if they disagreed with restriction insurance triggers, the Financial Conduct Authority has said.
Brokers not responsible for BI test case insurance policies under contract law, argues FCA
The business interruption policies under scrutiny in the Financial Conduct Authority’s test case are presented ‘in the manner which most benefits insurers’ and therefore brokers should not take the blame for any contractual breaches, the regulator has…
Action groups hit out at 'absurd' insurer defences in FCA BI case
Insurers have been accused of filibustering in relation to business interruption as firms suffer “devastating losses” following coronavirus lockdown.
Analysis: The Covid crunch in insurer results
With analysts cautioning the Covid crunch will begin to bite insurers in the second quarter of 2020, Post investigates what impact the coronavirus pandemic has already had in the first quarter
RSA walks back on Marsh criticism in FCA's BI test case
As RSA changed its mind on part of its argument that drew criticism from Marsh, the Financial Conduct Authority said insurers were failing to take account of “the true nature of the insurance provided” in its business interruption test case, according to…
Insurers accused of ‘dragging feet’ as extra FCA BI September trial dates mooted
Insurers have been accused of "dragging feet" in the Financial Conduct Authority's business interruption test case, as they sought additional hearing time in September to debate on the regulator's use of an analysis by the University of Cambridge to…
Action groups get go-ahead to intervene in FCA BI test case
Groups formed against Hiscox and QBE will “closely liaise” with the Financial Conduct Authority but are not permitted to increase the scope of the test case.
Briefing: Have insurers thrown brokers under the bus on BI?
There have always been points of conflict in the insurer and broker relationship but this week that reached a new low as RSA offered up Marsh as a human shield in its battle to avoid payment of business interruption claims for the Covid-19 pandemic.