Business
Australian insurers brace for COVID ruling after UK test case – Sydney Morning Herald
A test case launched by the UK’s financial regulator could have ramifications for businesses wanting compensation from insurers over lost trade from COVID lockdowns.
QBE plans to appeal the judgment that would expose the company to about $170 million in additional claims but the FCA’s interim chief executive, Christopher Woolard, said the ruling was a “significant step” for policyholders.
“We brought the test case in order to resolve the lack of clarity and certainty that existed for many policyholders making business interruption claims and the wider market,” Mr Woolard said.
“Coronavirus is causing substantial loss and distress to businesses and many are…
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