Legal
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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.
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The hotly anticipated judgment will be a milestone in the ongoing dispute about how carriers respond to Covid lockdown-related losses.
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A New South Wales Supreme Court judge gives the go-ahead for the hearing to start on 2 October.
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Property investor Aubrey Weis accuses the broker of falsifying documents in connection with cover placed with Axa.
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