Industry Segments: Business Interruption Page 1 / 5
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- October 19 2023
QBE and MS First Capital withdraw Covid BI appeal against Thailand resort owner
Relax Beach, which owns Le Meridien Phuket Beach Resort, now stand to potentially receive millions of dollars in claims after it was forced to close in April 2020.
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- September 11 2023
Hong Kong to see most claims since 2018 typhoon after record rainfall; Shenzhen also hit
Rates to harden as insurers count costs of BI claims, damage to vehicles, flats, roads, hotels, shopping malls and metro stations caused by flooding, according to market experts.
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- May 10 2023
Coverage gaps leave Asia vulnerable to supply chain risks
Companies in the region remain uninsured or underinsured as products for purely financial supply chain losses provide a wafer-thin patchwork of protection.
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- October 27 2022
Policy wording failure key reason for Covid BI exposure: APRA
Insurers dithered because of a perceived “first-mover'' disadvantage of losing business if policies were adjusted to reflect Quarantine Act changes.
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- October 17 2022
Covid BI decision: IAG readies US$218m buy-back, Suncorp to release around US$112m
The two insurers are communicating with customers and brokers about outstanding claims after the High Court dismissed appeals on second test cases.
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- October 14 2022
Australian High Court dismisses Covid BI test case appeals
IAG's shares halted trading after the insurer sought time to consider the impact of the dismissal of its appeal.
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- August 4 2022
High Court of Australia to hear BI Covid appeals in October at the earliest: ICA
The Insurance Council of Australia said the market will meet the appeal costs in the ongoing dispute.
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- August 1 2022
IAG hit with class action lawsuit over Covid BI claims
The action relates to shares purchased in 2020 between March 11 and November 20.
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- July 27 2022
Fire and liability losses drive APAC claims burden
Inflation is set to add to a costly claims' environment of rising property values and extreme weather.
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- July 27 2022
Insurtech Cover Genius acquires Booking Protect for event expansion
The deal provides the capability to offer embedded ticketing cover for entertainment including in Japan and Australia.
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- June 8 2022
McLarens promotes BI adjuster in New Zealand
Jia Mostert has previously worked at the EQC.
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- May 19 2022
QBE and MS First Capital are liable for the BI claim from Phuket resort: report
This is believed to be the first such ruling on the interpretation of BI clauses in Singapore.
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- April 27 2022
Singapore regulator calls on (re)insurers to improve BI policies
Director Gillian Tan believes insurers are well-placed to improve cover, but data is key.
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- March 23 2022
Major Australia BI decisions appealed to High Court
The ICA says it understands the need for "definitive guidance".
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- February 22 2022
Australia court verdict brings clarity to BI claims saga
The ICA said it had been a "long but necessary process" that will provide guidance on how policy wordings are to be interpreted.
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- February 21 2022
Latest Australia Covid-19 BI court decision favours insurers
Justice Mark Moshinsky has largely upheld the original second test case decision in October.
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- January 13 2022
India pressed for pandemic risk pool
The regulator has been working on the project with a private and public partnership the most likely outcome.
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- November 17 2021
SIRC 2021: Pandemic BI cover needs ‘government support’
Experts say (re)insurers do not have the balance sheets to sustain the magnitude of Covid-19 losses.
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- October 21 2021
Australia’s Covid BI appeals set for November
Policyholders have filed appeals on five of the 10 test matters before a federal court.
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- October 14 2021
Australia’s P&C players told to up their risk game
APRA's deputy chair Helen Rowell describes BI issue as a “significant mis-step” by the country’s general insurers.
