The City watchdog has filed an appeal allowing it to take its case on coronavirus-related business insurance claims straight to the Supreme Court if needed, in a bid to get clarity “at speed” for affected firms. The FCA had brought the test case, which could affect about 370,000 businesses, over the wording of business interruption insurance policies, which some insurers argued did not cover the Covid-19 pandemic. According to the regulator, the value of policies likely to be affected by the test case is approximately £1.2bn. The ruling was welcomed by the FCA, as well as the Hiscox Action Group, which has more than 400 members and intervened in the High Court case. Hiscox and RSA have said they could face about £200m in claims following the High Court judgment.

Source: Irish Independent September 29, 2020 07:41 UTC