Источник The Sydney Morning Herald.au, Australia
Заголовок Insurers play hardball on COVID-related claims of billions of dollars
Дата 20201121

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Insurers play hardball on COVID• Медицина » Эпидемиология » Инфекционные заболевания » Вирусология » Вирусы » Коронавирусы

• Медицина » Заболевания » Инфекционные заболевания » Вирусология » Вирусы » Коронавирусы
-related claims of billions of dollars

Insurers play hardball on COVID• Медицина » Эпидемиология » Инфекционные заболевания » Вирусология » Вирусы » Коронавирусы

• Медицина » Заболевания » Инфекционные заболевания » Вирусология » Вирусы » Коронавирусы
-related claims of billions of dollars

By Adele Ferguson

November 21, 202012.01am

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Josephine Woodberry refuses to go away. After running a dance and performing
arts school for more than 20 years and pouring everything into it, she is
battling to get her insurance company• Страхование » Страховые компании to make good on her claim.

Woodberry had a business interruption insurance policy with AXA• Страхование » Страховые компании » Страховые компании Франции » AXA Group

• Объект организация » Организации по алфавиту » Организации на Ax » AXA Group
XL, which she
took out through her insurance broker, to cover her if things went wrong in
her dance business, located in Preston, just north of Melbourne’s CBD.

When the dance studio for 3-18-year-old children was closed for seven months
due to the COVID-19• Медицина » Заболевания » Инфекционные заболевания » Острая респираторная вирусная инфекция » COVID-19

• Медицина » Эпидемиология » Инфекционные заболевания » Острая респираторная вирусная инфекция » COVID-19
related lockdown, she rang her broker to lodge a claim.
She was told her policy didn’t cover the global pandemic• Медицина » Эпидемиология » Пандемия.

Josephine Woodberry in her dance studio in Preston. Credit: Jason South

"The financial impact for me has been astronomical," said Woodberry, a single
mother of two. "I have accrued significant debts and the associated stress and
uncertainty of dealing with the insurer• Страхование » Страховщик and having to get lawyers involved has
taken a significant toll on my wellbeing."

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Woodberry is one of more than 100,000 of struggling small businesses,
including pubs, cafes, beauticians and gyms, that are being denied insurance• Страхование
claims for COVID• Медицина » Эпидемиология » Инфекционные заболевания » Вирусология » Вирусы » Коронавирусы

• Медицина » Заболевания » Инфекционные заболевания » Вирусология » Вирусы » Коронавирусы
-related business interruption losses by some of the country’s
biggest insurers, regardless of the policy or wording.

Some of the claims are legitimate, but a number of brokers have been preaching
the message that the claims should be knocked back. The brokers have been
working in lockstep with the industry instead of their clients.

It has been the industry's dirty little secret that is coming back to
bite insurers after the industry lost a landmark test case it thought it would
win.

Instead of following Britain’s lead, where the regulator stepped in and used a
test case that looked at complete wordings across 21 different policies, the
Australian regulator left it to the industry to sort out.

In coordination with the industry-funded Australian Financial Complaints
Authority, it chose two insurance• Страхование policies to test the one narrow issue.

That issue was whether the Quarantine Act as amended includes infectious
diseases
declared under the Biosecurity Act 2015 such as COVID-19• Медицина » Заболевания » Инфекционные заболевания » Острая респираторная вирусная инфекция » COVID-19

• Медицина » Эпидемиология » Инфекционные заболевания » Острая респираторная вирусная инфекция » COVID-19
.

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The sector banked on winning, but when it suffered a humiliating defeat in the
NSW Court of Appeal, it was thrown into turmoil.

IAG went into a trading halt to raise $750 million in fresh capital after
failing to properly provision for its exposure.

On Friday, IAG revealed it made a pre-tax provision of $1.2 billion, while
Suncorp has set aside almost $200 million.

But some of the smaller players could topple.

Velocity Trade's insurance• Страхование analyst Brett Le Mesurier said the
developments highlight the shortcomings of IAG’s policies and controls, and
its tardiness in grasping the damage this does to customers and shareholders.

He said excluding reinsurance• Страхование » Перестрахование recovery, the loss to the industry could be more
than $2 billion.

As one insurance• Страхование industry insider explained it, "this is a monumental balls up
by the industry".

“They were so cocky this would go away that some of them didn’t adequately
provision for a loss. Some didn’t have proper reinsurance• Страхование » Перестрахование policies in place,
which has left them very vulnerable,” the insider said.

The narrowness of the test case has resulted in two new test cases ready to be
brought before for the courts, likely to be IAG and QBE policies.

The sector is also weighing up whether to challenge the judgment made in the
first test case in the High Court.

This is a monumental balls up by the industry. Industry insider

In other words, clarification in the Australian market will be a long
drawn-out affair, which is detrimental to the many small businesses that are
hanging on by a thread.

Lawyer John Berrill at Berrill Watson said the court decision takes the
hand-break off a lot of insurance• Страхование claims for businesses affected by COVID-19• Медицина » Заболевания » Инфекционные заболевания » Острая респираторная вирусная инфекция » COVID-19

• Медицина » Эпидемиология » Инфекционные заболевания » Острая респираторная вирусная инфекция » COVID-19
.

But he said it wasn’t the end of the road, far from it. “Claimants will still
have to prove they suffered loss under the terms of their policies and this
will vary depending on the type of business, the effect of government orders,
whether there was a COVID• Медицина » Эпидемиология » Инфекционные заболевания » Вирусология » Вирусы » Коронавирусы

• Медицина » Заболевания » Инфекционные заболевания » Вирусология » Вирусы » Коронавирусы
case in the vicinity of their business and what
income loss they suffered because of the shutdown.”

He said insurers and brokers should be paying claims instead of delaying and
trying to deter business from making claims.

But they won’t.

Hollard Insurance• Страхование, which participated as a party to the industry test case,
wrote an email to brokers after the judgment, saying it was disappointed by
the decision "but our position remains unchanged".

It said it believed these types of policies weren’t designed or priced to
cover business interruption resulting from pandemic• Медицина » Эпидемиология » Пандемия events. "Should the
current judgement prevail, an industry-wide study … suggests the claims impact
could drive up the cost and availability of business insurance• Страхование cover for all
small businesses," it said.

None of this helps Woodberry and so many other small businesses.

Under her business interruption policy with AXA• Страхование » Страховые компании » Страховые компании Франции » AXA Group

• Объект организация » Организации по алфавиту » Организации на Ax » AXA Group
XL, the relevant clause states
that "if loss results from the interruption/interference with the business
in/directly arising from closure of the whole/part of the premises by order of
a competent authority consequent upon the outbreak of a notifiable human
infectious/contagious disease in humans occurring within the immediate
vicinity of the premises...shall be deemed to be a loss resulting from damage
to property used by you at the premises".

The fine print includes the words "immediate vicinity" of the premises, which
the policy fails to define. Woodberry’s business is located 280 metres from
the Preston Market which suffered an outbreak, but that wasn’t close enough
for the insurer• Страхование » Страховщик.

"Accordingly, there is no cover available to the insured in respect of the
COVID-19• Медицина » Заболевания » Инфекционные заболевания » Острая респираторная вирусная инфекция » COVID-19

• Медицина » Эпидемиология » Инфекционные заболевания » Острая респираторная вирусная инфекция » COVID-19
losses under the policy," the letter said.

Woodberry refuses to stop fighting.

"I’m not going away," she said. "I won’t let them walk over me. The policy so
clearly covers me."

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============= Итог: 4,9711 ; Медицина#Эпидемиология#Инфекционные заболевания #Острая респираторная вирусная инфекция#COVID-19#Пандемия 4,9711 ; Медицина#Эпидемиология#Инфекционные заболевания #Острая респираторная вирусная инфекция#COVID-19#Коронавирусы 4,9594 ; Медицина#Эпидемиология#Пандемия#COVID-19 9,7000 ; Страхование#AXA Group 7,4750 ; Страхование#Страховые компании#Страховые компании Франции#AXA Group #Страховщик 3,6000 ; Страхование#Перестрахование

============= Объекты: организации AXA Group Страховые компании Франции

============= Связи: Коронавирусы # ассоциации # COVID-19 Пандемия # ассоциации # Коронавирусы Пандемия # ассоциации # COVID-19 Страхование # ассоциации # AXA Group Страховщик # организация-свойство # AXA Group Страховые компании # ассоциации # AXA Group


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