Latest Business Interruption Headlines
All the headlines from our Business Interruption Topic Page, ordered by recency.
Diverging Views: Is COVID a One-Off Catastrophe or Not?
Jun 5 2020 // While reinsurers are “open for business” and insurers and reinsurers are reporting the impacts of COVID-19 as a one-off catastrophe impacting earnings rather than capital, equity markets are viewing the...
Did Debate Over Business Income Insurance Just Get More Complicated?
Jun 4 2020 // As the insurance industry faces litigation and questions over virus-related claim denials, it could soon be dealing with another business income hurdle due to the civil unrest that has taken place in many U.S. cities...
Insurers Prepare for Claims as East States See Property Damage from Civil Unrest
Jun 4 2020 // Scenes that played out over the past few days in several East region states are serving as a stark reminder for the insurance industry of civil unrest that took place in New York and other U.S. states more than 50 years...
British Regulator Enlists 8 Insurers in Pandemic Test Case of Business Interruption Cover
Jun 1 2020 // Insurers including Hiscox, RSA and QBE will take part in a UK test case to decide whether their policies should pay out millions of pounds to companies hit by the coronavirus pandemic, the industry regulator said on...
Coronavirus Business Interruption Suits Top 100; More Expected
Jun 1 2020 // A federal court has received notice that 101 lawsuits have been filed as of late May seeking coverage from insurers for business interruption losses caused by COVID-19. Plaintiffs attorneys say they expect the number to...
Stress Testing Shows Most Insurers to Withstand Pandemic Hit
Jun 1 2020 // Analysts at the AM Best ratings firm say their initial stress tests of insurance companies globally to gauge the preliminary impact from the COVID-19 pandemic on their financial strength found good news: “most...
Viewpoint: What’s Fair When It Comes to Paying Insurance Claims?
May 28 2020 // The ongoing COVID-19 pandemic has tragically resulted in the deaths of 100,000 Americans, changed our day-to-day lives, hampered our economy, and forced us to reexamine how we live. As the country moves to reopening, after...
Lawmaker Details Federal Reinsurance for Pandemic Business Interruption, Event Losses
May 27 2020 // New York Congresswoman Carolyn Maloney has introduced the Pandemic Risk Insurance Act of 2020, a federal backstop for pandemic-related business interruption insurance modeled after the Terrorism Risk Insurance...
Property Damage – Is It Because the Government Says It Is?
May 27 2020 // Property Damage: Is it “Property Damage” Just Because a Jurisdictional Order Uses the Term “Property Damage”? Some plaintiff attorneys are almost giddy over the fact that several jurisdictions used...
Times Square to Go Dark to Shine Light on Fight Over Business Interruption Insurance
May 26 2020 // The digital billboards in New York City’s famous Times Square will go dark tonight at 9 pm ET for one minute to dramatize the plight of restaurants, non-profits and retailers across the country that are suffering...
Update: AXA to Pay Business Interruption Claims to Restaurants After Court Ruling
May 26 2020 // A Paris court ruled last week that AXA should pay a restaurant owner two months of revenue losses caused by the virus pandemic. AXA had argued its policy did not cover business disruption caused by the health...
French Court Orders AXA to Pay Restaurant’s COVID-19 Business Interruption Losses; AXA Vows to Appeal
May 22 2020 // A Paris court ruled that insurer AXA must pay a restaurant owner two months’ worth of coronavirus-related revenue losses, the restaurateur’s lawyer said on Friday, potentially opening the door to a wave of...
Insurers, Agents Propose Pandemic Business Relief Plan; Plaintiffs Offer BIG Compromise
May 22 2020 // Key segments of the property/casualty insurance industry, which is facing mounting claims for business interruption losses from the pandemic, have thrown their lobbying weight behind a proposed federal program to replace...
Federal Coronavirus Business Interruption Suits Now Top 100; Many More Expected
May 22 2020 // A federal court has received notice that 101 lawsuits have been filed as of Wednesday seeking coverage from insurers for business interruption losses caused by COVID-19. Plaintiffs attorneys say they expect the number to...
I’m From the Government and I’m Here to Help – Part 3
May 20 2020 // This is third in a series of posts where I plan to respond to the bills that several states have filed to force insurance companies to pay business income claims related to COVID-19. Not reimbursing insurers means higher...
P/C Insurers Back a Federal Pandemic Loss Fund But Not a Backstop Like TRIA
May 19 2020 // Property/casualty insurance carrier groups are developing a proposal for a federal program to replace revenues lost by businesses shut down during pandemics like COVID-19, but their program won’t be modeled after the...
AM Best’s Stress Testing Indicates Most Insurers Can Withstand Pandemic Hit
May 18 2020 // Analysts at the AM Best ratings firm say their initial stress tests of insurance companies globally to gauge the preliminary impact from the COVID-19 pandemic on their financial strength found good news: “most...
Why Trust When You Should Know?
May 18 2020 // It is often said that people buy insurance trusting that it will be there when they actually need it, and this is very true. But why trust when you should know? Also true, but rarely said is the following, “Often,...
Transparency Is Key for Insurance Agents Handling Coronavirus Claims
May 18 2020 // Business interruption insurance has been a much-debated topic during the coronavirus crisis, with some businesses already pushing back against virus-related claim denials. In several cities, groups of businesses have filed...
States Will Not Win in Mandating Coronavirus Business Interruption Coverage: S&P
May 18 2020 // Standard & Poor’s said it does not expect state legislators to succeed in their efforts to retroactively expand business interruption insurance coverage for COVID-19-related losses. The reason: An expectations of...
