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Pensions

Published on 14 Jan 2025. By Iain Anderson, Partner and Toby Savage, Partner

A key development in 2024 has been the Court of Appeal's ruling in Virgin Media v NTL Pensions Trustees II Ltd [2024] EWCA Civ 843, which has significant implications for contracted out final salary pension schemes. The court confirmed that any amendments affecting guaranteed minimum in these schemes must be accompanied by a so-called Section 37 actuarial conformation. Without this confirmation, the amendment is deemed void, regardless of whether such confirmation would have been granted had it been sought at the time of the amendment.

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Political Risk and Trade Credit

Published on 14 Jan 2025. By Naomi Vary, Partner and Robert Morris, Partner and Iain Anderson, Partner

For the previous two years we have started our review with commentary on the war in Ukraine and, unfortunately, its continuation means we are obliged to do so again. Last year we indicated that positions were entrenched, but as we head into 2025 it appears Ukraine's prospects are becoming gloomier. Support from the United States is likely to be less forthcoming under the new presidency and if there is still territory to be gained it is likely Russia will take advantage of this. Accordingly, underwritten assets deeper into western Ukraine are increasingly becoming at risk of the types of losses seen across the market for the last couple of years.

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Cyber and data

Published on 14 Jan 2025. By Elizabeth Zang, Associate and Richard Breavington, Partner and Daniel Guilfoyle, Partner and Rachel Ford, Partner and Jonathan Crompton, Partner

Last year's edition of the Annual Insurance Review included predictions that 2024 would see a trend towards an increased general level of cyber security given (i) the importance placed on security measures by regulatory bodies such as the ICO and (ii) the focus cyber underwriters had placed on assessing prospective insureds' security before offering cover.

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Energy

Published on 14 Jan 2025. By Toby Savage, Partner and Alex Almaguer, Partner, Head of Latin America and William Jones, Of Counsel

In last year's Annual Insurance Review, we anticipated that we would see further growth in hydrogen power and that the renewable energy insurance market would continue to respond to this.

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Financial institutions

Published on 14 Jan 2025. By Rebecca James, Associate and James Wickes, Partner and Ben Gold, Partner and Mike Newham, Partner and Carmel Green, Partner

As we predicted last year, ESG continues to be a source of risk for financial institutions. On 31 May 2024, the Financial Conduct Authority's anti greenwashing rule came into effect. The rule applies to all FCA-authorised firms, including UK asset managers, who make sustainability related claims about financial products and services. Under the rule, sustainability related claims must be fair, clear, and not misleading. In addition, the FCA has introduced naming and marketing requirements for asset managers, differentiating between products that have sustainability objectives and use a label, and products that have sustainability characteristics but do not use or qualify for a label. Following consultation in 2024, the rule looks set to be extended to portfolio managers in Q2 2025.

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Procedure, Damages and Costs

Published on 14 Jan 2025. By Jonathan Wyles, Of Counsel

Alternative Dispute Resolution received a boost in 2024, when the Civil Procedure Rules were amended to expressly empower the court to order ADR. These changes follow the December 2023 judgment in Churchill v Merthyr Tydfil [2023] EWCA Civ 1416, in which the Court of Appeal concluded that it was lawful for the court to order parties to engage in ADR, provided the process does not interfere with the parties' access to a judicial determination.

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Surveyors

Published on 14 Jan 2025. By Alexandra Anderson, Partner and Katharine Cusack, Partner and Felicity Strong, Partner and Ben Goodier, Partner

The previous UK Government set a legally binding 'net zero' target to reduce the UK's net emissions by 100% by 2050 compared with 1990 levels. In the UK, an estimated 25 million homes require a form of energy improvement. In response to this target, the new residential retrofit standard was launched in March 2024 and came into full effect on 31 October 2024.

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Technology

Published on 14 Jan 2025. By Richard Breavington, Partner and Daniel Guilfoyle, Partner and Jonathan Crompton, Partner

There have been a range of court judgments in recent years concerning the interpretation and scope of contractual clauses intended to limit liability.

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Netherlands

Published on 14 Jan 2025. By Richard Breavington, Partner and Daniel Guilfoyle, Partner and Jonathan Crompton, Partner

In a class action brought by ‘Stichting Fossielvrij’ against KLM concerning greenwashing, the Court of Amsterdam ruled on 24 March 2024 that several of the advertisements run by KLM were misleading and therefore unlawful. The public attention for the harmful effects of PFAS also continued. In April 2024 eleven interest groups (including firemen, military personnel and residents living near airports) commenced a lawsuit against the Dutch State, asking the State to take faster measures to curb both the emissions and spread of PFAS. The lawsuit also calls for improved monitoring and quicker enforcement. Further developments will likely take place in 2025.

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Toxic Torts and Legacy Exposures

Published on 14 Jan 2025. By Lucy Dyson , Partner

As predicted in last year's review, PFAS/ forever chemicals continued to dominate the toxic tort stage during 2024, with litigation rapidly expanding outside of the USA.

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Latin America

Published on 14 Jan 2025. By Richard Breavington, Partner and Daniel Guilfoyle, Partner and Jonathan Crompton, Partner

The Latin American insurance market witnessed remarkable growth in 2024, reflected in an increase in product sophistication and robust premium growth. This is due to the continued economic growth in different countries, which has led to Latin America becoming one of the fastest-growing regional insurance markets in the world.

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Property and business interruption

Published on 14 Jan 2025. By Jonathan Wyles, Of Counsel

Technip Saudi Arabia Limited v The Mediterranean & Gulf Insurance and Reinsurance Co. (MedGulf) [2024] EWCA Civ 481 concerned a dispute over coverage for a claim by Technip under its construction all risks policy with MedGulf written on an amended WELCAR wording. The claim arose from damage to a wellhead platform offshore of Saudi Arabia caused by a tug. The tug was chartered by Technip, who had contracted with the wellhead's owner, KJO, an unincorporated joint venture.

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Warranty & Indemnity

Published on 14 Jan 2025. By Dorothy Flower, Partner and Sian Morgan, Partner

We predicted last year that 2024 would see deal volumes increase, owing to improving market conditions. Indeed, a pullback in inflation (and stabilisation of the cost of capital) has led to a rising M&A market, with notable growth among larger deals. Among European markets, the UK has been particularly active, reflecting perceived political stability following the decisive general election result (2024 was a bumper year for elections, too).

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Middle East & Africa

Published on 14 Jan 2025. By Toby Savage, Partner and Alex Almaguer, Partner, Head of Latin America and William Jones, Of Counsel

In our last Annual Insurance Review, we predicted strong growth in the renewable energy sector in the Middle East, with solar and wind energy expected to play a major role in increasing the region's energy capacity, alongside a rise in investment and infrastructure development throughout 2024.

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Restructuring & Insolvency

Published on 14 Jan 2025. By Finella Fogarty, Partner, Head of Restructuring & Insolvency and Paul Bagon, Partner

2024 has seen one of the most significant insolvency cases in recent years. In June, Justice Leech handed down his judgment on the claim brought by the liquidators of BHS against certain of its former directors for wrongful trading and misfeasance. This judgment is likely to have important consequences for the D&O market.

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Australia

Published on 14 Jan 2025. By Richard Breavington, Partner and Daniel Guilfoyle, Partner and Jonathan Crompton, Partner

It was a case of 'another year; another tough economic outlook' in Australia. Wafer-thin economic growth, cost of living pressure, higher than forecasted inflation, flatlining productivity and decade-high interest rates, combined with non-economic concerns around climate change, social inflation and cyber risk, has left the insurance industry with a smorgasbord of uncertainties to balance.

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USA

Published on 14 Jan 2025. By Richard Breavington, Partner and Daniel Guilfoyle, Partner and Jonathan Crompton, Partner

In this chapter of our Annual Insurance Review 2025, we look at the main developments in 2024 and expected issues in 2025 for the USA.

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Asia

Published on 14 Jan 2025. By Carmel Green, Partner and Antony Sassi, Managing Partner and Iain Anderson, Partner and Rebecca Wong, Partner

As the soft market continues, insurance premiums in Asia have consistently declined across all major product lines during Q1-Q3 due to increased competition and challenging economic conditions.

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Canada

Published on 14 Jan 2025. By Richard Breavington, Partner and Daniel Guilfoyle, Partner and Jonathan Crompton, Partner

Canada faced significant challenges in 2024, with slow economic growth and a strained judicial system. Looking ahead to 2025, professional liability and construction claims are likely to remain on the rise, while the upcoming Canadian election could result in significant regulatory changes.

Press and Media

What 6 key challenges will insurers face in 2024?

Published on 11 Jan 2024. By Simon Laird, Partner, Insurance Sector Lead

Climate change, Artificial Intelligence and ESG top this year's predictions in latest edition of Annual insurance review from international law firm RPC

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Annual Insurance Review 2024: Procedure damages & costs

Published on 11 Jan 2024.

In this chapter of our Annual Insurance Review 2024, we look at the main developments in 2023 and expected issues in 2024 for Procedure damages & costs.

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Annual Insurance Review 2024: Product liability

Published on 11 Jan 2024.

In this chapter of our Annual Insurance Review 2024, we look at the main developments in 2023 and expected issues in 2024 for Product liability.

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Annual Insurance Review 2024: Construction

Published on 11 Jan 2024. By Alan Stone, Partner and Ben Goodier, Partner and Tom Green, Partner and Zoe Eastell, Partner

In this chapter of our Annual Insurance Review 2024, we look at the main developments in 2023 and expected issues in 2024 for Construction.

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Annual Insurance Review 2023

Published on 12 Jan 2023. By Simon Laird, Partner, Insurance Sector Lead

Hello and welcome to RPC's Annual Insurance Review – a look back at the events that shaped the insurance market in 2022 and a look forward towards what to expect in 2023.

Press and Media

What are the 8 key concerns insurers will face in 2023?

Published on 12 Jan 2023. By Simon Laird, Partner, Insurance Sector Lead

Annual Insurance Review from international law firm RPC identifies ESG risks, climate change and cyber-attacks as top challenges.

General Content

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Generative Artificial Intelligence Risks for Litigation Lawyers

Published on 09 Jun 2025. By Nick Bird, Partner and Cheryl Laird, Senior Associate

In R (on the application of Frederick Ayinde) v The London Borough of Haringey AC-2024-LON-003062 the President of the King's Bench Division (Dame Victoria Sharpe) and Mr Justice Johnson gave judgment in two referrals that had been made under the Hamid jurisdiction. That jurisdiction is the court's inherent jurisdiction to regulate its own procedures and enforce the obligations that lawyers owe to it.

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Reverse-engineering and disassembly of IBM mainframe software in breach of software licence (IBM v LzLabs) – Part 2

Published on 19 May 2025. By Helen Armstrong, Partner and Oliver Sainter, Senior Associate

This second article on IBM v LzLabs explores the validity of IBM's audit request and subsequent termination of the ICA.

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Reverse-engineering and disassembly of IBM mainframe software in breach of software licence (IBM v LzLabs) – Part 1

Published on 19 May 2025. By Helen Armstrong, Partner and Oliver Sainter, Senior Associate

In IBM United Kingdom Ltd v LzLabs GmbH and others [2025] EWHC 532 (TCC), the High Court has provided useful guidance on what constitutes unlawful reverse engineering and the extent of the Software Directive's statutory exceptions to software copyright protection set out in the Copyright, Designs and Patents Act 1988 (the CDPA).

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