19 November 2020
Business interruption insurance pandemic update
The Insurance Council of Australia is in discussions with insurers, the Australian Financial Complaints Authority and other stakeholders to consider a further test case that explores outstanding policy matters, including proximity and prevention of access, relating to the pandemic and business interruption insurance.
The industry’s intention is that it would again meet the costs of both the policyholders and the insurers in any legal process, in the same fashion as the first test case regarding the Quarantine Act.
The industry seeks to progress a court resolution of these matters quickly, and regardless of any decision around an appeal on the first test case.
The Insurance Council will continue to work with all stakeholders and government to provide clarity for all parties and the industry. It will provide an update on these matters as soon as they are settled in coming weeks.
Download the statement here