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QBE Insurance Group Responds to UK FCA Test Case Decision

16 Sep 2020  |  08:44:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: QBE response to UK FCA test case decision

QBE Insurance Group responded to UK FCA test case decision. The test case was undertaken by the FCA to resolve legal issues concerning the interpretation of common business interruption policy wordings, including some policy wordings of its UK operations, in the context of whether those policy wordings respond to COVID-19 and related government mandated nationwide lockdowns. It believes that catastrophe reinsurance will limit the net cost of business interruption claims in its UK insurance business to $70m.

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