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Construction
This year the new Leasehold and Freehold Reform Act 2024 (the LFRA) enacted various amendments to the Building Safety Act 2022 (BSA), which came into force on 24 July 2024 and 31 October 2024.
Read moreMedia
The Online Safety Act 2023 (OSA) introduced a suite of obligations for "user-to-user" services and search engines which target the UK and/or have a significant number of UK users. In 2024, secondary legislation and Codes of Practice published by the regulator, Ofcom, began the process of giving the OSA practical effect.
Read moreContingency
The contingency chapter of the Annual Insurance Review returns after a break. At the time of the 2022 update we expected the events market to rebound following the pandemic, although there remained lingering questions regarding entry requirements. Moving to 2024, the COVID restrictions appear to be a thing of the past, with attendance at events depending on a personal risk assessment rather than a vaccine passport or negative test. Despite the inevitable litigation following declinature of COVID claims, events and the contingency market have returned to normality.
Read moreMedical Malpractice
2024 has seen an increase in the number of physician associates (PAs) working across the medical sector (NHS and private). Employment of PAs is considered a fast and cost-effective method of addressing workforce shortages and ever-growing healthcare demands. In June 2022, there were 1300 PAs in England and Wales, rising to over 3,300 by June 2024. The numbers are expected to increase.
Read moreD&O
2024 highlighted the importance of a directors' duty to consider or act in the interests of creditors where a company is insolvent or bordering on insolvency. The claim brought by the liquidators of BHS Group against certain of its former directors following the group's collapse into insolvency in 2016 saw the first time where a court held company directors guilty of "misfeasant trading". The directors were held to have not considered the creditors' interests before entering into an onerous and expensive secured loan which would exhaust the group's assets if it could not be repaid. The directors were therefore found to have acted against their statutory duties by entering into the loan instead of the group going into administration.
Read morePensions
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.
Read morePolitical Risk and Trade Credit
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.
Read moreCyber and data
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.
Read moreEnergy
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.
Read moreFinancial institutions
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.
Read moreProcedure, Damages and Costs
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.
Read moreSurveyors
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.
Read moreTechnology
There have been a range of court judgments in recent years concerning the interpretation and scope of contractual clauses intended to limit liability.
Read moreNetherlands
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.
Read moreToxic Torts and Legacy Exposures
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.
Read moreLatin America
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.
Read moreProperty and business interruption
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.
Read moreWarranty & Indemnity
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).
Read moreMiddle East & Africa
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.
Read moreRestructuring & Insolvency
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.
Read moreAustralia
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.
Read moreUSA
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.
Read moreAsia
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.
Read moreCanada
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.
Read moreWhat 6 key challenges will insurers face in 2024?
Climate change, Artificial Intelligence and ESG top this year's predictions in latest edition of Annual insurance review from international law firm RPC
Read moreAnnual Insurance Review 2024: Procedure damages & costs
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.
Read moreAnnual Insurance Review 2024: Product liability
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.
Read moreAnnual Insurance Review 2024: Construction
In this chapter of our Annual Insurance Review 2024, we look at the main developments in 2023 and expected issues in 2024 for Construction.
Read moreAnnual Insurance Review 2023
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.
Read moreWhat are the 8 key concerns insurers will face in 2023?
Annual Insurance Review from international law firm RPC identifies ESG risks, climate change and cyber-attacks as top challenges.
Read moreA matter of interpretation – the Supreme Court look at contractual interpretation once more
In their recent Judgment in Sara & Hossein Asset Holdings Ltd (a company incorporated in the British Virgin Islands) v Blacks Outdoor Retails Ltd [2023] UKSC 2 the Supreme Court adopted a commercially balanced interpretation of a lease; rejecting the overly textual approach of the Court of Appeal in favour of reading the relevant clause in the context of the lease as a whole.
Read moreSports Ticker #132 - Owl's not well at Sheffield Wednesday and Wimbledon swaps one court for another
In a fortnight which saw Jannik Sinner achieve Wimbledon glory after beating Carlos Alcaraz by three sets to one in a fierce Centre Court spectacle, underdogs Chelsea FC topple Paris Saint Germain to become victors of the Men’s FIFA Club World Cup 2025, and the Welsh Rugby Union announce that it is considering halving the number of regions in the Welsh professional rugby union setup, we bring you news on Sheffield Wednesday’s third transfer embargo, an insight into Tour De France’s new yellow card system, and a look at Liberty Media’s acquisition of MotoGP.
Read moreSports Ticker #131 - Ascot plays a Royal Flush, county cricket shakes it up and Spurs take on INEOS - a speed read of commercial updates from the sports world
In a fortnight which saw the eyes of the world tune into Wimbledon in clockwork fashion, Al-Hilal triumph over Manchester City with a last minute winner in the Club World Cup 2025, and the sad passing of Liverpool and Portuguese striker Diogo Jota, we bring you news on a radical shakeup in the world of county cricket, insights into Royal Ascot’s latest attendance successes, and a look at Tottenham Hotspurs’ legal spat with Sir Jim Ratcliffe’s INEOS Group.
Read moreSports Ticker #130: Netflix's big-hitter, F1's 2026 calendar and the controversial Enhanced Games - a speed read of commercial updates from the sports world
In a fortnight that saw a heat-laden FIFA Club World Cup 2025 kick off in the United States, the British & Irish Lions fall short against Argentina in the first leg of their 2025 tour and reviews roll in for F1: The Movie, we bring you news on Netflix’s latest boxing announcement, updates on Premiership Rugby’s record viewing figures, and a look at World Aquatic’s hard stance on the Enhanced Games.
Read moreSports Ticker #129 - Commonwealth Games lives on, DAZN's star-studded ad and cheese rolling galore - a speed read of commercial updates from the sports world
In a fortnight which saw Arsenal win the UEFA Women's Champions League, Northampton Saints fall eight points short of European glory against Bordeaux Bègles and the town of Abingdon host the 42nd World Poohsticks Championships, we bring you news on the Government’s search for a Head of Video Games and Esports, an update on the future of the Commonwealth Games and a look at Gloucestershire’s annual cheese rolling race, whose women’s race winner cemented her victory with the words, “I don’t like cheese”.
Read moreSports Ticker #128: Goodison's new tenants, Fnatic's Happy Deal and Barclays' latest sponsorships - a speed read of commercial updates from the sports world
In a fortnight which saw Andy Murray part ways with Novak Djokovic and Jamie Vardy reach 200 goals for Leicester City in his 500th and final game for the club (as well as Leicester being charged with an alleged breach of the Championship’s profit and sustainability rules for the 2023/24 season), we bring you news of Fnatic’s Happy Deal with McDonald’s, an insight into Barclays’ sponsorship deals with the O2 Arena and Co-Op Live, and the news at Everton’s Goodison Park.
Read moreSports Ticker #127: Becks buys Salford, Sadiq seeks Olympic repeat and Hamilton signs autograph deal - a speed read of commercial updates from the sports world
In a fortnight which saw 150,000 Leeds United fans turn out to celebrate the club's promotion to the English Premier League, hundreds of daring racers take part in Essex’s annual Maldon Mud Run and the London Marathon steal New York’s crown for record number of finishers, we bring you news of Sadiq Khan’s Olympic aspirations, an insight into Lewis Hamilton’s exclusive autograph and memorabilia agreement and a peak at Channel 5’s broadcasting deal for the Men’s 2025 FIFA Club World Cup.
Read moreSports Ticker #126 - Cricket’s Olympic revival, Euro-Soccer and Mbappé’s pay war - a speed read of commercial updates from the sports world
In a fortnight which saw Cambridge University do the double over Oxford University at the 2025 Boat Race and Strava acquire its rival Runna in a dash for running app supremacy, we bring you updates on the historic impact of Rory McIlroy's Masters victory, news of cricket's triumphant return to the Olympics and an insight into the record-breaking prize pool announced for the Esports World Cup 2025.
Read moreSports injuries: the concussion pandemic
The inherent risk of injury to participants in many sports is well known – you only need to watch a game of rugby or American football, or spectate a boxing match, to appreciate this. Participants must accept this risk to some extent, but, the acceptance is conditional. They rely on governing bodies to control and regulate the sport to minimise injury risk; clubs to enforce the rules; referees to ensure compliance; players to follow the rules; organisers to provide appropriate facilities; and clinicians, especially in professional sport, to administer appropriate treatment.
Read moreSports Ticker #125: All Blacks settle sponsor spat, WDC ups top prize and UK Baller League kicks off – a speed read of commercial updates from the sports world
In a fortnight which saw Patrick Mullins ride Nick Rockett to victory in the Grand National, Dmitry Bivol renounce his WBC light-heavyweight title in pursuit of a trilogy fight with Artur Beterbiev, and Cardiff Rugby serve a notice of intention to appoint administrators, we bring you updates on Fnatic’s IMG partnership, news of a major increase in prize money in the World Darts Championship, and details of a settlement between the International Tennis Federation and Gerard Piqué’s Kosmos.
Read moreSports Ticker #124: IOC's marathon month, London Lions stadium and Six Nations free-to-air deal
In a fortnight which saw Kirsty Coventry elected as the first female president of the International Olympic Committee, Newcastle United win its first major domestic trophy since 1955, and a reported eightfold increase in Ferrari-branded merchandise sales for Puma following Lewis Hamilton's arrival, we bring you updates on the launch of Arsenal Women's first lifestyle range, a major complaint (and PR campaign) commenced by a professional tennis players’ association against the ATP, WTA, ITF and ITIA, and details of the Six Nations' extended free-to-air deal with the BBC and ITV.
Read moreSports Ticker #123: NSL makeover, IFAB eight-second rule and Yorkshire Hundred sale – a speed read of commercial updates from the sports world
In a fortnight which saw the Women's Tennis Association announce that players will receive paid maternity leave for the first time, Manchester United unveil plans for a new 100,000 seater stadium and the BBC strike a TV deal for men's international football in Scotland, Wales and Northern Ireland, we bring you updates on the revamped Netball Super League, Ferrari's victory against Aston Martin and the benefits for Yorkshire following the sale of the Northern Superchargers.
Read moreSports Ticker #122: APT rules deemed void, padel passion and Zara's carbon plated trainers – a speed read of commercial updates from the sports world
In a fortnight which saw Avram Glazer confirm that Manchester United is not for sale, the F1 75 Live event take place and Amazon Prime Video launch live pay-per-view football with Ligue 1, we bring you updates on a tribunal's ruling that Premier League APT rules are void, the RFL's investigation into the Salford Red Devils squad selection ahead of their takeover being approved and Zara's new carbon plated running shoe.
Read moreSports Ticker #121: £295m Hundred deal, F1 wing tests and EA's tracking technology – a speed read of commercial updates from the sports world
In a fortnight which saw Manchester City bring a new legal challenge against the Premier League in relation to APT rules, and Louis Vuitton become the title partner of F1's Australian Grand Prix, we bring you updates on EA Sports acquiring TRACAB Technologies, the sale of London Spirit to a consortium of tech billionaires and Formula 1's tougher wing tests.
Read moreSports Ticker #120: €100m milestone, NASCAR Channel and first female F1 race engineer – a speed read of commercial updates from the sports world
In a fortnight which saw ESPN and the World Surf League announce an expanded rights agreement and the Australian Open amass an unprecedented 1.1 million attendees, we bring you updates on the €100m milestone in women's football, NASCAR's new channel with Tubi and the settlement of a dispute between Superdry and Manchester City.
Read moreSports Ticker #119: Wimbledon worries, ICC's two-tier cricket and Mike Tyson litigation
In a fortnight which saw the World Snooker Tour launch a new global streaming service and Adidas enter F1 with a Mercedes partnership, we bring you updates on the legal action against Wimbledon's expansion plans, FIFA's interim transfer rules following the Diarra ruling and the possibility of a two-tier cricket Test system.
Read moreSky trademark ruling suggests strategy tips for brands
In a judgment handed down in SkyKick UK Ltd. v. Sky Ltd. on Nov. 13, the U.K. Supreme Court held that various trademarks for "Sky" owned by Sky were partially invalid due to their having been filed in bad faith, on the basis that Sky lacked a genuine intention to use the marks in all the classes for which they had been registered.
Read moreSports Ticker #118: Thom Browne v Adidas, Formula E on TV and Q&A with Ben Maher – a speed read of commercial updates from the sports world
In a fortnight which saw boxing face an ultimatum for its inclusion in the 2028 Olympic Games in Los Angeles, trials of an alternative system to VAR extended by the International Football Association Board and the NBA announce its return to China in 2025, we bring you updates on Thom Browne vs Adidas, AB InBev's partnership with FIFA for the Club World Cup 2025 and an exciting RPC event with Ben Maher on 17 December.
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