In a resounding win for insurance policyholders, the U.K. Supreme Court on Friday ruled that insurers must pay out disputed claims related to the coronavirus to a range of businesses, ending a legal case spanning months and potentially setting a precedent for other jurisdictions. The Supreme Court dismissed insurers’ appeals brought after a High Court… Continue reading Insurers Face Big Payouts to U.K. Businesses Over Covid Disruptions
Tag: FCA
UK Regulator, Insurers Set for November Court Battle Over COVID-19 Case
The UK Supreme Court will hear an appeal on Nov. 16 of the Financial Conduct Authority’s (FCA) test case over which insurance companies should offer payouts to small businesses battered by the coronavirus pandemic. The hearing is expected to last four days, the court said in a statement. Small businesses – from cafes and wedding… Continue reading UK Regulator, Insurers Set for November Court Battle Over COVID-19 Case
FCA BI Insurance Test Case Appeal Heads to Supreme Court
A test case brought by Britain’s markets regulator against some of the world’s biggest insurers will jump straight to the Supreme Court after London’s High Court agreed to a fast-track appeal on Friday. Although expedited, the appeal will further delay payouts on disputed claims for thousands of struggling businesses battered by the coronavirus pandemic, hoping… Continue reading FCA BI Insurance Test Case Appeal Heads to Supreme Court
Insurance Policyholders Win Covid-19 UK High Court Test Case
Holders of business interruption insurance have won a “significant” victory in a High Court test case to determine whether the coronavirus pandemic should trigger payouts under their policies. Lawyers acting for the Financial Conduct Authority, the UK’s financial regulator that brought the case on behalf of the policyholders, said the judges had found in favour… Continue reading Insurance Policyholders Win Covid-19 UK High Court Test Case
City Watchdog Gives London Insurance Market Clean Bill of Health after Probe
The City watchdog has given London’s insurance brokers a clean bill of health after an 18-month probe concluded consumers were not being ripped off. The decision will bring a sigh of relief to the £60bn sector – which comprises Lloyd’s of London as well as brokers such as Aon, Willis Towers Watson and Marsh –… Continue reading City Watchdog Gives London Insurance Market Clean Bill of Health after Probe