IAG +3.08%: the insurer has a test case in front of the Federal Court regarding potential liabilities around their Business Interruption Insurance as a result of COVID-19. An announcement today suggested they had some wins in their second run through the courts. IAG said the “Federal Court found in favour of insurers on a number of policy wording questions” with policyholders getting the upper hand on others. While light on detail, it does suggest insurers have had some significant wins and the impact may be less severe than feared when policy holders look to make claims. The test case will resume again in November.
MM is long and bullish IAG
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