RSA walks back on Marsh criticism in FCA's BI test case
As RSA changed its mind on part of its argument that drew criticism from Marsh, the Financial Conduct Authority said insurers were failing to take account of “the true nature of the insurance provided” in its business interruption test case, according to Friday's court filings.
Stating that the insurers’ defences are “in general terms, rejected”, the regulator stressed the fact that the policies in question were bought by “generally unsophisticated purchasers of insurance”.
Insurers have defended their position that their policies do not respond to losses suffered by businesses as a result of Covid-19 by saying coverage was never intended to extend to a pandemic.
Some of the participating insurers have also highlighted the role of brokers, pointing out their
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