Legal
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The insurer was ordered to pay out for policies by the Western Cape High Court earlier this week.
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The Australian carrier takes a A$865mn provision for BI losses following the unfavourable court ruling.
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Both Suncorp and QBE said multiple tests applied to trigger BI coverage, with QBE saying aggregate reinsurance should mitigate net exposure.
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The court said that it would work quickly to produce a judgment but it could not guarantee publication this year. -
The regulator said in the Supreme Court appeal that carriers ran the risk of a large accumulation of losses when they sold their BI policies.
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Court rules policy exclusions referring to outdated law not valid.
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Counsel representing carriers argued it was not reasonable to find cover in respect of a national pandemic on the first day of the FCA BI test case appeal.
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Australian carrier ups coronavirus BI provision to A$195mn.
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The regulator also suggests Covid-19 loss assumptions in casualty classes may be over-optimistic.
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The sanctions will further complicate the delayed construction of the 2,460 km pipeline between Russia and Germany.
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Justice Grossman ruled that the former AIG CEO could not prove that the defendant “acted with actual malice”.
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The fundamental issue of causation, as well as trends clauses and the Orient Express judgment, will be under scrutiny.
