Analysis

FCA test case ruling sends shockwaves through insurance industry

By David Blackman 2021-01-29T12:31:00

Waves crashing

The outcome of the FCA business interruption test case appeal will create a series of intended and unintended consequences for insurers and policyholders alike

Blows don’t come much bigger than that meted out to the insurance industry by the Supreme Court in mid-January.

Insurers will be collectively hundreds of millions out of pocket following the keenly awaited verdict on the appeal against the High Court’s ruling last September in favour of the Financial Conduct Authority’s Covid-19 business interruption test case.

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