New York has joined the growing list of states introducing legislation that would require business interruption (BI) insurers to provide coverage for economic losses from the coronavirus regardless of any exclusions.
Denmark’s financial watchdog has ordered unrated Gefion Insurance to stop writing new business after ruling that its recovery plan was not sufficient to protect customers.
Following New Jersey’s lead, lawmakers in Ohio and Massachusetts have introduced legislation that would force insurers to pay out Covid-19-related business interruption insurance losses regardless of any policy exclusions.
A member of parliament for the UK Conservative government, Sir Roger Gale, is the latest voice to wade into the debate over whether the insurance industry should foot the bill for coronavirus-related business interruption despite policy T&C’s, deeming it “unacceptable” if they do not.
The UK’s Financial Conduct Authority (FCA) has allowed listed companies to take an additional two months to produce their audited financial statements, as a temporary measure to provide relief to firms facing the challenges of corporate reporting during the coronavirus crisis.
In the latest coronavirus-related lawsuits to be filed against insurers, two Oklahoman tribes are going to war with carriers including AIG and Lloyd’s over whether the business interruption of their casinos is covered under their policies.