Legal
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The law firm representing customer action groups claims brokers discouraged policyholders from lodging Covid-19 claims.
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FCA BI case hearing closes; Covid crushes carrier results; Convex and Whitespace fundraises. -
The settlement will be paid in the third quarter.
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The judges will now consider their verdicts, with an ambition to produce a draft judgement in mid-September.
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An unspecified superior court will hear the ICA-funded case, with the outcomes used by the Australian financial ombudsman.
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Director general Huw Evans calls for a "relationship reset" between the watchdog and insurers after the court hearing.
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The insurer said the regulator was “reverse engineering” to arrive at the conclusions it wanted in the BI test case.
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Euler Hermes, Coface and Atradius are also participating in the scheme, which has had formal approval from the European Commission.
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The regulator has argued that businesses that were never required to close during the pandemic still had their access restricted.
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The (re)insurance supervisor calls for “skin in the game” from all risk owners to reduce the risk of moral hazard arising from any state backstop.
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The insurer said that the lockdown measures were “unprecedented” and were not covered in policies.
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Data harnessed from a new litigation tracking product suggests the cruise and care home industry are prime targets.
