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The carrier estimates a net Covid-19-related claims impact of £160mn after allowing for favourable impacts in certain lines. -
Bill 477 will now move on to the state’s second legislative chamber for further scrutiny.
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The decision comes after a review of more than 500 policies by law firm Mishcon de Reya.
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Senator Ward told this publication the amended legislation would protect both carriers and policyholders.
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The policyholders’ law firm may draw on the Enterprise Act to seek redress for the late payment of claims.
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Hiscox policyholders’ law firm Mishcon de Reya urges insureds to continue to pursue their own claims.
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John Howard says an earlier estimate indicates carriers are under-reserved in casualty by about $100bn.
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He noted that D&O, E&S and event cancellation are areas that could be particularly impacted.
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The carrier says more than 99 percent of property policies have virus or similar exclusions.
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The (re)insurance group has absorbed $140mn in claims from the pandemic.
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The association says rigid wording interpretations could cause reputation damage and prompt customer flight.
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Giulio Terzariol said underwriting losses from the virus would mean P&C operating profit would come in up to 20 percent below target this year.
