The supreme court case between Hiscox and the Hiscox Action Group (HAG) followed thousands of businesses in the UK attempting to make claims with insurance companies at the start of the pandemic in 2020, with many refusing to pay out.
Back in January, a test case in the supreme court found that six of the UK’s major insurers should make payments totalling about £1.2bn, including Hiscox.
Both parties agreed not to disclose the amount of the settlement after the case.
In a joint statement, the parties said: “Hiscox Insurance Company Limited (Hiscox) and the members of the Hiscox Action Group (HAG) have reached a settlement in respect of the proceedings brought by the HAG members relating to business interruption losses suffered as a result of the lockdown imposed by the UK Government between March and July 2020 in response to the Covid-19 pandemic.
“The settlement is in line with the Supreme Court Judgment and the proceedings have now been resolved to the mutual satisfaction of all parties.”