IAG raises new equity as Australia’s BI test case finds in favour of policyholders

Lockdown warning signs in Melbourne, Australia. Credit: iStock/DavidHewison

Australian insurer IAG said it will raise $750m in new equity after the Supreme Court of New South Wales (NSW) put insurers back on the hook for business interruption (BI) payments to policyholders affected by the Covid-19 crisis. The judgment found pandemic exclusions in BI policies, particularly those that refer to Australia’s Quarantine Act rather than the new Biosecurity Act,…

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