insurers named in the case, and could affect others that have policies containing the wordings, including Allianz SE, American International Group Inc.
and Chubb Ltd. It will also provide guidance for interpreting similar clauses in future court cases, according to the FCA.The London case is one of thousands of legal battles around the world centered on business-interruption policies that insurers contend don’t cover pandemics.
In the U.S., New York retailer Century 21 Stores sued several of its insurance providers over the failure to pay about $175 million in claims, money the chain insists could have helped it avoid bankruptcy.