Business interruption

QIC barred from moving £4mn Covid BI dispute out of court

The High Court has shot down QIC Europe’s bid to force a long-running Covid-19 business interruption dispute brought by the UK owner of cocktail bar chain Dirty Martini claim into arbitration, ruling the insurer must address the claim in court.

Neal: Insurance “didn’t do its job” during the pandemic

The insurance industry “didn’t do its job” in addressing business interruption claims during the pandemic, according to Lloyd’s CEO John Neal.

Insurers win appeal to keep $40mn Covid BI dispute out of UK

The UK’s Court of Appeal handed victory to insurers this week in ruling that a $40mn pandemic-related business interruption claim brought by a Middle Eastern retail giant could not be heard in the UK unless its domestic courts would not hear the case.

Liberty defends BI stance over luxury retailer’s pandemic losses

Liberty Mutual has hit back at a luxury department store operator's £18mn ($22mn) claim for Covid-19 related business interruption (BI) coverage, arguing the pandemic was not a danger to the business under the terms of its policy wording.

BoE to demand cyber and property data under new SII reporting rules

The Bank of England wants UK (re)insurers to report on cyber risk exposure and certain specialty non-life products, including property and business interruption insurance, in a series of changes designed to plug “gaps” in the regulator’s oversight.

Liberty Mutual rebuffs bowling giant’s multi-million-pound BI suit

Liberty Mutual has fought back against a £32.5mn+ ($36mn) lawsuit brought by the UK’s largest indoor bowling chain over cover for business interruption (BI) losses sustained during the pandemic, arguing that its policy only covers an occurrence of the disease within a specific location and not the wider national lockdowns.

Aviva: UK businesses at risk of underinsurance as economic risks compound

More than one fifth (21 percent) of UK businesses have reduced or are considering reducing their insurance cover amid economic concerns that risk leaving half of companies underinsured, Aviva has warned.

Cyber tops AGCS’ Risk Barometer for second year running

Cyber incidents, including data breaches and increased ransomware attacks, have topped the Allianz Risk Barometer survey for the second year in a row.

UK BI saga to “turn a corner” in 2023 as contract clarity drives market growth: GILC

The ongoing pandemic-related business interruption (BI) saga will “turn a corner” in 2023, according to research from Global Insurance Law Connect (GILC), which forecast that the greater legal clarity achieved after more than three years of litigation will drive greater insurance market growth and appetite for cover.

Allianz takes centre stage in theatre group’s multi-million pound BI dispute

The owner of some of London’s most famous West End theatres is suing Allianz’s UK-headquartered carrier in yet another high-profile legal dispute over business interruption (BI) claims from Covid-19 lockdowns.

2023 poised to be a definitive year in resolving UK BI saga

It is now almost two years since the Supreme Court handed down its largely policyholder-friendly judgment in the Financial Conduct Authority test case, but for many insurers, their reinsurers and policyholders, uncertainty over Covid-19 business interruption exposures remains, with 2023 set to be the busiest year yet for high-profile pandemic disputes.

Indoor bowling giant strikes Liberty Mutual with £30mn+ BI suit

The UK’s largest operator of bowling alleys is suing Liberty Mutual’s Luxembourg-headquartered carrier for more than £30mn ($36.4mn) in yet another high-profile legal dispute over business interruption (BI) claims from Covid-19 lockdowns.

Luxury retailer Liberty sues insurers over BI losses as UK claims continue to mount

The owner of London’s high-end department store Liberty has filed a multi-million pound legal claim against insurers Liberty Mutual and Swiss Re over the payment of claims related to business interruption (BI) losses suffered as a result of the pandemic lockdowns.

Judge declines Metallica event cancellation lawsuit against Lloyd’s insurers

A California judge has ruled that a group of Lloyd's of London underwriters are not liable to compensate Metallica for financial losses the American rock band said were caused by the Covid-19 pandemic after six South American shows were cancelled in April 2020.

QIC Europe faces lawsuit from Welsh nightclub over Covid losses

The owner of a bar and nightclub in Wales is suing QIC Europe Ltd and its subsidiary to recover business interruption losses it said it suffered as a result of the national Covid-19 lockdowns.

Airmic: Large supply chain risks require bespoke and cross-class insurance solutions

There is scope in the global (re)insurance market to provide bespoke solutions for large risks through cross-class parametric covers to index and respond to the impact of a supply chain event, according to Airmic.

High Court orders UK insurers to consolidate hospitality Covid-19 BI claims

London’s High Court has ordered UK insurers to participate in a consolidation of a number of outstanding Covid-19 BI disputes involving hospitality companies with similar “premises” wordings in a bid to provide “much needed clarity”.

Axa and Altrincham FC settle BI dispute ahead of London trial

Axa Insurance has settled a long-running legal dispute with a semi-professional football club over the payment of claims related to business interruption (BI) losses suffered as a result of the pandemic lockdowns, The Insurer can reveal.

Insurers fight back at ExCeL owner’s £16mn Covid-19 closure suit

NY’s highest appeals court takes up restaurant owner’s Covid coverage dispute

The New York Court of Appeals has agreed to hear Consolidated Restaurant Operations (CRO)’s Covid-19 coverage appeal against a Swiss Re subsidiary.

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