Category: Insurance
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 […]
Reinsurance in the Time of COVID-19 – Part 2
In part 2 of our blog series on reinsurance issues arising from COVID-19, we consider the difficulties that might arise from the application of aggregation clauses in reinsurance policies to COVID-19 losses.
Licence and Registration Please: Stolen Motor Insurance Data
In Aviva Insurance Ltd v David Oliver [2019] EWHC 2824 (Comm), Aviva Insurance Ltd (“Aviva”) brought a claim against David Oliver (the “Defendant”) based on the Defendant’s misuse of Aviva’s confidential policyholder information. Aviva’s claim included: (i) breach of confidence; (ii) inducing a breach of contract; and (iii) unlawful means conspiracy. […]
Mortgagee Bank Scuttled
It is rare for insurers to succeed in refusing to pay out because the insured ship was scuttled. The burden of proof on the insurers is high and the evidence may be at the bottom of the sea. The “BRILLANTE VIRTUOSO” ((1) Suez Fortune Investments Ltd (2) Piraeus Bank AE v […]
High Court grants order for pre-directions in relation to scheme of arrangement potentially affected by Brexit
In AXA Art Vershicherung AG, UK Branch and Others, Re [2019] 10 WLUK 186 Roth J considered a joint application from three companies for pre-directions with regard to a proposed business transfer scheme. The three applicants were a German company, a French company and an Irish company, all within the […]
ITC Conference Highlights
The Cooley team had a busy ITC, attending seminars and breakouts, meeting clients and contacts and immersing themselves in the world of Insurtech. More details of Cooley’s extensive work in the Insurtech space can be found here. What were the takeaways from the conference?
Big Data and Insurance – The Regulatory Approval Process for Insurtech Data Models
Data is often the key ingredient to an insurtech’s success. From the use of drone data to automatically pay insurance claims after a hurricane, to AI that can predict the likelihood of insurance fraud – big data has the potential to revolutionize the insurance industry. But before an insurtech can […]
NYDFS Guidance to Insurers to Pay Abuse Claims
The New York Department of Financial Services (DFS) has issued an industry guidance to all insurers, licensed producers, adjusters and reinsurers in light of the statute of limitations window that has been opened in New York for child abuse victim claims, advising all of the above parties that the DFS […]
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