UK regulators hit out at insurers’ attempt to compare lockdown to smoking warnings
20 July 2020 - 17:49
London — UK financial regulators took aim at insurers’ attempts to compare the coronavirus lockdown to government warnings on cigarettes and alcohol, telling a London court that businesses had no choice but to shut down during the pandemic.
The clash took place during the first day of a trial on Monday where the Financial Conduct Authority (FCA) has taken Europe’s largest insurers to court to establish whether they should pay out pandemic-related claims. Hiscox, RSA Insurance Group, Zurich Insurance Group and five other companies will represent the industry at the eight-day trial...
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