Product Recall Insurance: Checking is the Best Policy

Over the last few years, a number of factors, including the introduction of a new UK regulator, the Office for Product Safety and Standards, and an increased international focus on enforcing product safety regulatory regimes, have led to an increase in the frequency of product recalls. This, and the fact […]

FCA Test Case: The Perils of Business Interruption Insurance and COVID-19

Richard Hopley and Sam Tacey have recently published an article in Zeitschrift für Versicherungswesen concerning the recent FCA test case. It can be read here. Since the article was published, the Supreme Court has confirmed it will hear a leapfrog appeal of the decision in a four day hearing commencing […]

UK Supreme Court to Hear FCA Business Interruption Test Case Appeal

On 2 November, the UK Supreme Court agreed to hear the appeals against the judgment of Lord Justice Flaux and Mr. Justice Butcher (sitting as a Divisional Court), handed down on 15 September in the Financial Conduct Authority’s COVID-19 business interruption insurance test case. The appeal will commence on 16 […]

Property Lost: TKC London Ltd v Allianz Insurance plc [2020] EWHC 2710

In TKC London Ltd v Allianz Insurance plc [2020] EWHC 2710, the Commercial Court considered the summary dismissal of TKC London Ltd’s claim against its insurer, Allianz Insurance plc, concerning certain business interruption losses that arose due the closure of its business in compliance with COVID-19 related governmental measures.

Making the Leap: Insurtech to Insurer

Many insurtech companies, and their investors, eventually face the choice of whether to remain an insurance producer (i.e., an insurance agency, brokerage or managing general agent), licensed to sell, negotiate and possibly underwrite insurance, or become a fully licensed insurance company. By becoming a “full-stack” insurance company, the insurtech company […]

FCA – business interruption insurance test case – appeal

At a hearing on 2 October 2020, the court made a number of orders following on from its judgment. The court granted “leapfrog” appeal certificates to the FCA, to six of the insurers involved in the test case and to one of the intervening policyholder action groups. This means that […]

FCA – business interruption insurance test case – appeal

Following the judgment, handed down on 15 September, it has been confirmed that there will be a hearing on 2 October at which the court will hear any applications for permission to appeal. The court will also consider whether any appeal should “leapfrog” the Court of Appeal and proceed straight […]

FCA – business interruption insurance test case – judgment

On 15 September the High Court handed down its judgment in the Financial Conduct Authority’s COVID-19 business interruption insurance test case. While there are mixed results in relation to a large number of questions, the court has ruled in favour of the policyholders’ arguments on most of the issues. The FCA […]

FCA BI insurance test case: case management conference on 26 June highlights the difficulties in determining the issues and raises the prospect of a second trial

On 26 June, there was a further case management conference (CMC) in the FCA’s COVID-19 BI insurance test case. The CMC was before Lord Justice Flaux and Mr Justice Butcher. These two judges will sit together to hear the trial. The court dealt with a number of issues regarding the […]

Reinsurance in the Time of COVID-19 – Part 3

In part 3 of our blog series on reinsurance issues arising from COVID-19, we consider the implications of “reopening” the economy on reinsurance exposure.