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LONDON, Sept 15 (Reuters) - London judges have ruled that some of the world's biggest insurers were wrong to reject thousands of claims from small firms battered by the coronavirus pandemic, Britain's Financial Conduct Authority (FCA) said on Tuesday.
The FCA, which brought the test case against insurers in a closely-watched lawsuit estimated to affect 370,000 businesses and billions of pounds of insurance claims, said the court had found in favour of policyholders' arguments on the majority of key issues in a complex, lengthy judgment.
The watchdog brought the test case against eight insurers, including Hiscox HSX.L , RSA RSA.L , QBE QBE.AX and Zurich ZURN.S , in June to clarify whether 21 business interruption policies should pay out for closures and disruption caused by the pandemic. FCA has estimated that the case could affect more than 60 insurers and 700 different types of policies because many insurance policies have similar wording.