Legal
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The regulator orders carriers to consider how they can “progress claims” now, irrespective of an appeals process due to kick off on 2 October.
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The carrier claims the Paris court decision runs counter to judgments in Toulouse and Bourg-en-Bresse.
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Financial Services Director General John Berrigan wants to establish a new working group which will report back with proposals in the first quarter.
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The Swiss carrier says any increase in P&C claims arising from the ruling won’t materially impact its earlier assessment of $750mn in Covid-19 claims.
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The verdict has been hailed as a victory for the regulator and policyholders but many individual decisions on wordings favour insurers.
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Lloyd's welcomes the ruling, while the ABI claims it "divides equally" between policyholders and insureds.
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Reinsurance recoveries and a drop in overall claims will offset the BI loss hike.
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In a major blow to insurers the court found that the pandemic and the government’s response could be treated as a single cause of loss. -
The carrier predicts fewer than one third of its 34,000 UK BI policies could be impacted by the judgment.
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Tomorrow’s decision, including the important precedents it sets, will be appealed.
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The regulator received more than 1,150 whistleblowing reports and took “significant action” in eight cases.
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CEO John Neal gave the estimate ahead of the FCA test case judgment next week.
