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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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The insurer could have total gross losses of more than EUR500mn, according to a French publication.
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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.
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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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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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Delegated authority brokers are braced for the 1 January property binders renewal.
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Typhoon Haishen is following in the wake of the storm, and is currently forecast to approach South Korea at Cat 4 strength