The Supreme Court ruled in favour of the Financial Conduct Authority (FCA) and policyholders in an appeal verdict. This means insurers will have to make substantial additional payouts to businesses that were forced to close during the Covid-19 pandemic.
Chris Finney stressed the verdict “makes a bad situation worse for insurers and reinsurers”.
This article was first published in InsuranceERM, 15 January 2021. Subscribers can access the full article here.
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