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Lloyd s of London takes a £6bn hit from Covid claims
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Initial Reactions to UK Supreme Court’s Ruling on Business Interruption Claims
Insurers, policyholders and industry observers have issued comments on the UK Supreme Court’s ruling that insurers should pay small businesses for many business interruption claims from the COVID-19 lockdowns.
The UK Supreme Court dismissed appeals by six insurers – Hiscox, RSA, QBE, Argenta, Arch and MS Amline – determining that “many thousands of policyholders will now have their claims for coronavirus-related business interruption losses paid.” The insurers had argued that business interruption policies contained pandemic exclusions and should not be covered. No further appeals will be allowed.
The full judgment is available on the Supreme Court website.
06-10-2020
After ten months of uncertainty the UK Supreme Court has delivered its final verdict that insurers must pay out billions in business interruption (BI) claims to companies forced to close during the COVID-19 pandemic lockdown, ruling in favour of the Financial Conduct Authority (FCA) in a landmark case. Insurers and industry bodies have shared their reactions to the judgement with some warning that it could have huge ramifications for insurance beyond BI.
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British boutique insurance broker McGill and Partners joins LIIBA
12-01-2021
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12-03-2020
London-based specialist boutique insurance broker McGill and Partners has joined The London and International Insurance Brokers’ Association (LIIBA).
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