IAG customers that had business interruption policies during COVID 19 lockdowns can pursue their claims after a Federal Court of Australia class action judgment on Friday.
Insurance Australia Group (ASX:IAG) holds insurance brands including NRMA and CGU.
Slater and Gordon served IAG subsidiaries with the class action, after claims business customers were denied, or partially paid out, their claims.
The Court stated it would ‘declass’ the proceeding filed against Insurance Australia Ltd.
“The Court proposes to hold a further case management hearing to make orders declassing the representative proceeding subject to conditions which include the prior provision of notices to group members ‘informing them of their rights to pursue any claim they may have and the making of certain orders to reflect the Court’s earlier findings in the business interruption test cases,” IAG reported to the market this morning.
A date for the hearing has not been set, but IAG said it ‘welcomes the judgment and continues to encourage its customers with business interruption
cover who may have been impacted by COVID-19 to lodge a claim which will be assessed as
efficiently as possible under our standard claims process’.
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