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An improved claims picture offset investment losses and reduced premiums.
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An unspecified superior court will hear the ICA-funded case, with the outcomes used by the Australian financial ombudsman. -
The insurer said the regulator was “reverse engineering” to arrive at the conclusions it wanted in the BI test case.
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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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Will Curtis will lead the new unit as property risk partner, as the MGA separately increases its energy capacity.
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The FCA had earlier questioned the landmark Orient Express BI ruling, which insurers are using to buttress their position.
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The FCA maintains that losses should be compared to a normal trading environment.
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The first day of High Court proceedings saw the regulator lay out its arguments on behalf of policyholders.
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The archipelago has largely escaped the virus but has been subject to all the same lockdown measures.
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In a joint defence, eight carriers in the High Court case reject FCA’s interpretation of proximate cause.
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