The Full Court will deliver an appeals decision on the Insurance Council of Australia (ICA) second covid business interruption test case later this afternoon after the judgment was rescheduled from this morning.

The judgment will now be delivered at 4:30pm, after trading on the Australian Securities Exchange has concluded for the day.

Justices Mark Moshinsky, Roger Derrington and Craig Colvin heard the expedited appeal in November after an initial Federal Court judgment had been decided largely in favour of insurers in the 10 cases considered.

Lawyers say it could take some time to consider the implications of a likely lengthy and complex judgment, which may not be available in full until some time after a summary is handed down today.

ICA has said it will release a detailed statement once it has had the opportunity to consider the judgment.