Business
Insurers seek legal options to avoid deluge of pandemic claims – The Australian Financial Review
Insurance Australia Group went into a trading halt after a NSW Court of Appeal ruling that pandemic exclusions in business interruption policies are invalid.
Insurers were confident the court would view this as a minor error and accept the wording was clearly intended to exclude pandemics. But their confidence was misplaced, and on Wednesday afternoon the panel of five judges unanimously ruled that exclusions of “quarantinable diseases” under the Quarantine Act did not get insurers off the hook for claims relating to COVID-19.
The next morning IAG said it had requested a trading halt to “consider the impact of the judgment” and “to assess the financial…
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