All Business interupption articles
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NewsAxa has paid £75m for Covid-linked BI claims to date
Insurer Axa has paid out £75m for Covid-19-related business interruption (BI) claims following the Supreme Court’s appeal ruling in January 2021, confirmed Tara Foley, the firm’s chief executive of UK retail.
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NewsInsurers have paid more than £875m in interim and final BI payments this year
Since the Supreme Court’s decision in January for the FCA’s test case around Covid-19-related business interruption (BI) claims, a total of £875,489,994 has been paid out by insurers for either interim or final BI claims payments across 23,933 claims, according to updated data published by the FCA yesterday (13 July ...
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AIRInsurers have paid more than £750m in interim and final BI payments to date
Since the Supreme Court’s January decision in the FCA’s test case around Covid-19-related business interruption (BI) claims, a total of £756,846,662 has been paid out by insurers for either interim or final BI claims payments across 20,347 claims, according to updated data published by the FCA yesterday (14 June 2021). ...
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News‘More work to do’ on business interruption cover as lockdown lifts
With businesses opening up again post-lockdown, there is more to be done around business interruption (BI) insurance, said an expert panel at Biba’s resilience-themed conference last week .
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NewsAM Best: UK Commercial Property Insurers Looking Beyond Difficult 2020
Disputes around non-damage business interruption (BI) cover, which made 2020 a difficult year for U.K. commercial property insurers, should subside in 2021.
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NewsBriefing: Has the drive for transparency come too late to repair reputational damage?
Discussions around greater transparency in policy wordings and clarifying coverage have become a top priority following the FCA’s business interruption test case – is this a ‘better late than never’ scenario or has the hit to the sector’s reputation crippled any chance of forging customer trust?
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NewsPay business insurance claims or face enforcement, UK watchdog says
Insurers face enforcement action if they don’t pay up as soon as possible on business insurance claims following a landmark court ruling, Britain’s Financial Conduct Authority said on Friday.
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NewsInsurer Santam accepts liability for some rejected COVID-19 claims
South African insurer Santam will begin assessing payouts for some previously rejected coronavirus-related claims after recent court judgments on such cases but still intends to challenge one finding against it. Like other insurers around the world, Santam had rejected some business interruption claims related to coronavirus lockdowns. While ...
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NewsFCA launches consultation to determine how to prove Covid-19 presence for BI claims
The regulator wishes to be prepared should the Supreme Court agree with the High Court’s judgment
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NewsContingent BI fallout presents opportunities for new products – Swiss Re
Property and casualty market head says this could be ‘a very valuable product’ moving forward
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NewsAustralia Business Interruption test case raises more questions than answers for Insurers
The judgment handed down by the New South Wales Court of Appeal brings into sharp focus the potential downside risk for the industry.
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NewsClarifying causation will be crux of Supreme Court ruling – Fenchurch Law
However, Supreme Court judges also suggest a public policy stance around pre-trigger losses
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NewsInsurers are trying to escape COVID-19 liability, watchdog tells UK Supreme Court
Tuesday’s hearing focused on how insurance law clauses, such as a so-called “but for” test, disease, composite peril, prevention of access and trends, should be applied in the case.
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NewsUK businesses not covered for pandemic, insurers tell Supreme Court
Major insurance companies told the UK Supreme Court on Monday that thousands of small companies battered by the coronavirus pandemic were not eligible for business interruption payouts and to suggest differently was “reverse engineering”.
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NewsStruck out BI claim proves there is no ‘public policy move’ following test case
Barrister says that not all business interruption claim cases will follow the trajectory of the FCA’s test case and that not all clauses will be interpreted in favour of the policyholder
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NewsFCA business interruption test case appeal date set by Supreme Court
Six insurers, the FCA and the Hiscox Action Group are appealing some parts of September’s High Court ruling
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NewsBeware BI underinsurance
While nobody wants to pay unnecessary premiums, it is essential to be clear on policy wordings and gross profit calculations
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NewsInsurer BI premiums insufficient for COVID losses - study
The pandemic exposed a massive protection gap in the area of business continuity risk, according to the Geneva Association and University of St Gallen
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NewsAirmic welcomes insurer’s decision to drop appeal
“Market turns are cyclical, and underwriters should keep squarely in mind their relationships with their insurance buyers for the future”, says Julia Graham