NEWS / Representation
WE ARE YOUR VOICE!
2021 is off to a roaring start, with a flurry of activity scheduled for the coming months. The following are the key developments all members need to be aware of.
COVID-19 & BUSINESS INTERRUPTION
The Insurance Council of Australia (ICA) has sought leave to appeal to the High Court of Australia in relation to the Business Interruption (BI) test case that was undertaken in the Supreme Court of NSW. The ICA has provided an update on Business Interruption matters generally, which is available here: insurancecouncil. com.au/issues-submissions/bi-test-case
8 / INSURANCE ADVISER MARCH 2021
The Financial Conduct Authority ran a similar test case seeking clarification of the pandemic exclusion clauses in a number of London market policies. The Supreme Court unanimously ruled in favour of policyholders stating that the vast majority of policyholders with nonproperty damage BI cover could make valid claims for their business interruption losses caused by the UK Government’s response to the COVID-19 pandemic.
ACCC NORTHERN AUSTRALIA INSURANCE INQUIRY
The Australian Competition and Consumer Commission (ACCC) has released its third and final report under the Northern Australia Insurance Inquiry. It makes a number of recommendations, most of which are likely to have limited if any impact on the availability and affordability of home, contents and strata
