On September 15, 2020, London's High Court has handed down its judgment in the Financial Conduct Authority's (FCA) business-interruption insurance coverage test case, finding in favor of the policyholders on the majority of critical issues. (Photo: Shutterstock)
Global insurer QBE announced that it is planning to appeal the U.K test case judgment on whether business interruption policies should cover losses related to the COVID-19 pandemic. The judgment would expose QBE to around $170 million in additional claims.
The test case was filed in June by the Financial Conduct Authority, the U.K.'s corporate regulator, in order to determine if an infectious disease clause meant certain policyholders could claim for lost revenue from pandemic lockdowns.
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