Some of the world’s biggest insurers are bracing as a second wave of multimillion-pound lawsuits, brought by struggling British pubs, restaurants and bakery chains over lockdown losses, starts hitting London’s courts this week.

Zurich, MS Amlin, Liberty Mutual, Allianz and AXA are among those due in court one year after Britain’s Supreme Court ruled that many insurers had been wrong to deny thousands of companies, battered by the pandemic, business interruption payouts...