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The High Court of Australia has rejected an appeal by the Insurance Council of Australia in a business interruption test case after a lower court had ruled that it must pay for losses associated with the COVID-19 pandemic, ABC News reported. The test case centers on the exclusion wordings that may affect around 250,000 policies with an estimated potential liability of $10 billion Australian ($7.6 billion) in total.
1. Turkish airlines cancel flights to Iran and Iraq amid war concerns
3. Zurich Insurance to stop underwriting new oil and gas projects
4. Bermudan, European reinsurers to suffer major hit from bridge collapse
5. Tycoon gets death sentence for multi-billion-dollar fraud
6. Inflation drives 10% increase in sum insured for windstorms