London — Thousands of businesses should be covered by their insurance for losses caused by coronavirus lockdowns, the UK supreme court ruled on Friday, in a test case that pitched the industry regulator against major insurance companies.
Six of the world’s largest commercial insurers — Hiscox, RSA, QBE, Argenta, Arch and MS Amlin — said many business interruption policies did not cover widespread disruption after Britain’s first national lockdown last March. The FCA took insurers to court last June in a case expected to have ramifications for 370,000 policyholders, 60 insurers and billions of pounds in claims because many policies have similar wordings. The case has been watched closely as similar battles brew.
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