Insurers seek to escape billions in COVID-19 payments

18-11-2020 Cyprus Mail CyprusMail Cool

Insurers seek to escape billions in COVID-19...

Insurers are trying to escape billions in liability for pandemic-related business losses with counter-intuitive arguments that go against the essential purpose of insurance, Britain’s markets watchdog told the UK Supreme Court on Tuesday.

A lawyer for the Financial Conduct Authority (FCA), which brought a test case against insurers on behalf of policyholders, said insurers had reached an “extraordinary conclusion” that business losses were largely uncovered during the coronavirus pandemic because of the widespread havoc it has caused.

“(Insurers) are saying: ‘We insure perils but not ones that are...

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This article was automatically added to our system 18-11-2020

Insurers seek to escape billions in COVID-19 payments

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