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UK Supreme Court Ruling on FCA Business Interruption Test Case Handed Down
18 January 2021
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The UK Supreme Court has handed down its judgment in connection with the Financial Conduct Authority’s test case on business interruption insurance.
Broadly speaking, the appeals of the FCA and the Hiscox Action Group were substantially allowed and those of the insurers were dismissed.
The ruling is expected to have a considerable influence on the scale of business interruption related losses in the United Kingdom and other common law jurisdictions such as Canada, Australia, South Africa and New Zealand.
The Supreme Court overruled the Orient Express case, which is likely to have wider implications for business interruption policies beyond the pandemic.
The judgment is likely to result in potentially difficult discussions between cedants and reinsurers, and, in some cases, may result in litigation over the extent of coverage.
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James C. Scoville
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