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…
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.
Insurers’ repeated argument that policies were not intended to cover pandemics has been described as “a diversionary tactic” on the third day of the Financial Conduct Authority’s business interruption test case.
QBE has predicted it will deliver a $750m (£581.7m) post tax loss when its half year results for 2020 are published next month.
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.
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.
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”.
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…
Defendants in the Financial Conduct Authority’s BI test case warn providers could be liable for losses they never agreed to cover.
Pukka-owner Freedom Services Group has teamed up with private equity firm Envest and others to launch Stella Insurance, a digital managing general agent providing female-centric motor insurance in Australia.
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 should have offered government earlier ‘opportunity’ to regulate if they disagreed with restriction insurance triggers, the Financial Conduct Authority has said.
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…
Insurers have been accused of filibustering in relation to business interruption as firms suffer “devastating losses” following coronavirus lockdown.
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
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 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…
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.
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.
Marsh has disputed RSA allegations its clients should be liable for brokered policy contract issues in the Financial Conduct Authority’s business interruption test case, as brokers were dragged into the ongoing proceedings.
The Financial Conduct Authority’s test case showdown, in which it is representing the interests of approximately 8500 business interruption policyholders against a sample of eight insurers, is set to begin in court on 20 July. Post showcases the key…
The eight insurers involved in the Financial Conduct Authority’s business interruption test case have filed their defences with the court, alleging among other arguments that the pandemic is a global issue rather than local and therefore not covered.
As preparations continue for a July test case to determine whether business interruption policies cover coronavirus lockdown losses, Post delves into the “representative sample” of wordings on which the court will be adjudicating.