Insurers have largely succeeded in challenging COVID-19 business interruption losses claimed by a group of small businesses, in an important second test case that could save the industry billions of dollars.
While a first test case in NSW rejected insurers’ interpretation of infectious disease exclusions in COVID-19 business interruption policies, potentially putting the industry on the hook for billions of dollars in claims, QBE says the law is on its side in Victoria.
Lockdown orders by the Victorian government and an international travel ban in place last year during the first wave of COVID-19 did not trigger a business interruption clause in an IAG policy at the centre of a test case brought by insurers, a judge heard Monday.
Insurance Australia has been hit with a class action by business owners whose claims for business interruption losses caused by the COVID-19 pandemic have been denied.
A $138 million class action settlement with IAG over alleged junk insurance will go ahead after a judge found he was “bereft” of power to vary his prior approval judgment and include late opt out bids by group members that threatened to derail the agreement last month.
The Australian unit of Greensill Capital is heading for liquidation owing creditors in excess of $1.75 billion, administrators revealed Friday.
A group of late opt out notices by group members in a class action over IAG insurance, who were egged on in part by a ‘corporate warfare’ campaign by claims management service Claimo, could result in IAG pulling the plug on a $138 million settlement.
Greensill Capital UK filed for insolvency in a London court on Monday after losing insurance coverage for $4.6 billion in client loans.
A judge has found a group of insurers defending a $309 million lawsuit over an Australia Pacific LNG project in Central Queensland cannot be represented by two law firms, saying it would not be in the interests of justice.
A group representing insurers has filed another test case over pandemic coverage in business interruption policies, following a landmark loss in a test case concerning an infectious disease exclusion that could cost insurers $10 billion.