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Business Interruption tag returned 64 results

  • Australia: ASIC identifies possible policy wordings for BI

    The Australian Securities and Investments Commission (ASIC) said it has identified a range of business interruption (BI) insurance policy wordings that may respond to losses arising from COVID-19. These includes cover under so-called 'infectious disease', 'prevention of access' or 'closure by authority' coverage clauses.

    Asia | 19 Oct 2020
  • A look at COVID-19 BI claims lodged in Asia

    Governments across Asia undertook a range of containment measures, including increased public health advice and monitoring, restrictions to international travel and national lockdowns. In many countries, all companies barring the most essential were ordered to close, and employees instructed to work from home. While brokers and policyholders are looking for clarity on policy coverage in the event of widepread viral infectious disease, few claims have actually been lodged.

    AIRPlus | 13 Oct 2020
  • Insurance brokers can be sued for denied BI claims

    While court cases regarding the denial of pandemic-related business interruption claims by insurers continue globally, insurance brokers can expect to be sued if their clients' claims are denied.

    Asia | 08 Oct 2020
  • Insurers to challenge UK business interruption ruling

    Seven insurers plan to appeal the UK Supreme Court's ruling on the Financial Conduct Authority's test case for non-payment of COVID-19 pandemic-related BI claims.

    Asia | 02 Oct 2020
  • QBE to appeal UK test case ruling

    Global insurer QBE is planning to appeal the UK test case judgement on whether business interruption policies should cover losses related to the COVID-19 pandemic.

    Asia | 24 Sep 2020
  • Canada: Lloyd's sued for $180m for COVID-19 related breach of policy

    A vacation rental business in Canmore, Canada is suing Lloyd's for "wrongfully refusing" coverage for pandemic-related losses as part of a proposed $180m class-action lawsuit.

    Asia | 18 Sep 2020
  • Singapore: COVID-19 relief measures by general insurers extended

    The General Insurance Association of Singapore (GIAS) today announced the extension of relief measures to ease the financial strain faced by individual and corporate customers amid the ongoing COVID-19 pandemic.

    Asia | 18 Sep 2020
  • US: Law firm files class actions against 11 insurers

    Law firm Grant & Eisenhofer (G&E) has filed a pair of class action suits against 11 insurance companies, on behalf of small businesses that have been denied insurance coverage for losses suffered due to shutdowns in response to the COVID-19 pandemic.

    Asia | 26 Aug 2020
  • Santam pays over R500m in business interruption insurance payments

    The business interruption claims that were initially rejected by Santam and other insurers in South Africa are being paid now. The insurers were initially reluctant to honour the policies because in their view the damage was caused by government's lockdown and not the actual pandemic.

    Africa | 24 Aug 2020
  • Risk, resilience, and rebalancing in global value chains

    A new report by McKinsey & Co reveals that companies risk losing more than 40% of annual profit once a decade in a world threatened by trade wars, cyberattacks, pandemics and climate change.

    Asia Risk | 12 Aug 2020

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