UK’s BI ruling will have international impact and see more claims paid

UK’s BI ruling will have international impact and see more claims paid

UK’s BI ruling will have international impact and see more claims paid

The recent judgment on Covid-19-related business interruption (BI) insurance by the UK’s Supreme Court will affect policies and laws well beyond the UK, and means policyholders from various jurisdictions are more likely to get claims paid, according to legal experts. The 15 January UK Supreme Court judgment found in favour of policyholders that had been denied cover for Covid-19-related BI…

GDPR fines up 39% in 2020

GDPR fines up 39% in 2020

GDPR fines up 39% in 2020

Regulatory fines for data breaches under the GDPR increased 39% in Europe during the past year to €158.5m, according to new research from law firm DLA Piper. The company said regulators “tested their powers” under the GDPR in 2020 after a slow start during the regulation’s first 20 months when fines totalled €114m. Total fines levied since the GDPR was…

UK BI ruling credit negative for (re)insurers but costs manageable, says Moody’s

UK BI ruling credit negative for (re)insurers but costs manageable, says Moody’s

UK BI ruling credit negative for (re)insurers but costs manageable, says Moody’s

The Supreme Court’s ruling on Covid-19 business interruption (BI) claims is a credit negative for UK (re)insurers and will broadly lead to additional losses, but the financial impact should be manageable for insurers net of reinsurance protection, said Moody’s Investors Service. Moody’s added that the clarity provided by the judgment will end “damaging” disputes between insurers and their clients. The…

European firms name cyber as top risk for 2021 in AGCS poll

European firms name cyber as top risk for 2021 in AGCS poll

European firms name cyber as top risk for 2021 in AGCS poll

Cyber incidents have retained their position as the number one risk facing businesses in Europe during 2021, with business interruption (BI) in second place and pandemic outbreak third, finds a poll of risk experts and business leaders by Allianz Global Corporate & Specialty (AGCS). BI’s position is unchanged from last year, while pandemics are a new entry in the top…

FCA ruling sets out clear path for Covid-19 BI claims in ‘resounding’ victory for buyers

FCA ruling sets out clear path for Covid-19 BI claims in ‘resounding’ victory for buyers

FCA ruling sets out clear path for Covid-19 BI claims in ‘resounding’ victory for buyers

Last week’s UK Supreme Court ruling on Covid-19-related non-damage business interruption (BI) claims was a big victory for policyholders, and has clearly set out a path for businesses of all sizes to claim under BI policies, overturning established case law in the process, say legal experts. The Supreme Court judgment represents a “resounding” win for policyholders, according to Aaron Le…

Supreme Court Covid-19 ruling will impact all BI claims, say ratings agencies

Supreme Court Covid-19 ruling will impact all BI claims, say ratings agencies

Supreme Court Covid-19 ruling will impact all BI claims, say ratings agencies

UK commercial insurers could see a “substantial” increase in losses from all business interruption (BI) claims, not just those related to the Covid-19 BI test case ruling that overwhelmingly found in favour of policyholders, according to major ratings agencies. Fitch Ratings said insurers’ ratings are unlikely to be affected by the Supreme Court’s appeal judgment, while Moody’s said the ruling…

Insurers add to reserves following UK Covid-19 BI ruling

Insurers add to reserves following UK Covid-19 BI ruling

Insurers add to reserves following UK Covid-19 BI ruling

Insurers involved in the UK’s Covid-19 business interruption (BI) test case have begun to increase claims estimates following the Supreme Court’s ruling on Friday, but reinsurance is expected to minimise the damage. All six insurers involved in the case bought by the Financial Conduct Authority (FCA) on behalf of policyholders over disputed non-damage BI pandemic claims lost their appeal at…

Airmic welcomes ‘landmark’ BI ruling

Airmic welcomes ‘landmark’ BI ruling

Airmic welcomes ‘landmark’ BI ruling

Airmic has welcomed the “landmark” UK Supreme Court business interruption (BI) ruling as “positive news” for insurance buyers struggling with the hard market and Covid-19. The Supreme Court has rejected appeals from six insurers and substantially upheld the Financial Conduct Authority (FCA) appeals in a test case intended to clarify BI cover for Covid-19-related losses in the UK. The judgment…

Insurers ‘regret’ BI disputes but lessons must be learned

Insurers ‘regret’ BI disputes but lessons must be learned

Insurers ‘regret’ BI disputes but lessons must be learned

British insurers have said they “regret” legal disputes over Covid-19-related business interruption (BI) claims and vowed to pay out on policies as soon as possible. However, a slew of industry trade bodies are calling for insurers to learn lessons and improve the clarity of wordings following the momentous defeat in the UK’s Supreme Court over coronavirus-related BI claims. On Friday,…

Policyholders win resounding victory over insurers in BI test case

Policyholders win resounding victory over insurers in BI test case

Policyholders win resounding victory over insurers in BI test case

Insurers face a large bill for Covid-19-related business interruption (BI) claims after the UK’s Supreme Court resoundingly ruled in favour of policyholders and the Financial Conduct Authority (FCA). All six insurers lost their appeals, while the Supreme Court supported the FCA’s appeals of certain unfavourable rulings delivered by the lower court. The Supreme Court, the UK’s highest, considered appeals against…

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