In November 2020, Insurance Australia Group Limited (IAG:AU) announced it would raise up to $750 million in new equity capital. The move taken by IAG was in response to the Supreme Court of New South Wales Court of Appeal (NSWCA) 18 November judgment on a business interruption insurance test case.

In a unanimous decision, the NSWCA determined pandemic exclusions that refer to the Quarantine Act and subsequent amendments, rather than the Biosecurity Act, are not effective to exclude cover for business interruption losses associated with COVID-19.

Read more about this decision and how it may affect your business here