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Graham Awards


Business Interruption Insurance Scandal - Decision Day later this week

The Supreme Court will give its judgment on the long-running Business Interruption Insurance case on Friday.

In November a Supreme Court appeal completed a four day hearing on the issue, which in turn had followed a High Court ruling back in September favouring policy-holders against insurers who claimed their BI policies did not include Coronavirus.

The Financial Conduct Authority represented policy holders against eight insurance firms which had argued - unsuccessfully, at the High Court - that the pandemic was not a valid reason for paying out on policies. The FCA says the test case that it promoted affects claims by some 350,000 small and medium sized firms including hundreds, possibly even thousands, of agencies.

The test case involved a sample of 17 insurance policy wordings collated by the FCA, and which it said captured the majority of key issues in dispute between insurers and policy holders.

The FCA’s 184-page claim named eight companies - Arch Insurance (UK); Argenta Syndicate Management; Ecclesiastical Insurance Office; Hiscox Insurance Company; MS Amlin Underwriting; QBE UK; Royal and Sun Alliance; and Zurich Insurance.


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