Insurers ‘deeply reviewing’ wordings as a result of ‘hot topic’ test case ruling
Gallagher Bassett’s chief client officer in the UK discusses some of the fallout following the FCA’s test case judgment
Insurers are “deeply reviewing their existing wordings and existing risk appetites” following the High Court’s unprecedented test case judgment this September, which ruled on the interpretation of business interruption (BI) policy wordings when applied to claims caused by the Covid-19 pandemic.
Speaking exclusively to Insurance Times, Peter Diskin, Gallagher Bassett’s chief client officer in the UK, explained: “I think insurers are deeply reviewing their existing wordings and existing risk appetites, so what are they prepared to write in the market, but also looking at their portfolios to see what the cost implications are as a result of the verdict.”
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