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Energy
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 moreMarine and shipping
Two words are dominating the shipping sector in 2024 – "shadow fleet". The shadow (or "dark" or "grey") fleet is a reference to vessels which transport oil and petrochemical cargoes on behalf of sanctioned countries. Western economies finance, operate and insure the vast majority of the world's merchant fleet. Expansion of US, EU and UK sanctions means that, in general, vessels carrying cargoes from sanctioned countries cannot operate within the usual international shipping infrastructure. They are forced to go "dark" in a far more opaque part of the shipping sector. Until 2022 the shadow fleet was relatively small – restricted mainly to the carriage of Venezuelan and Iranian oil/petrochemical cargoes. The Russian invasion of Ukraine in 2022 – and the expansion of international sanctions against Russia – has vastly increased the shadow fleet.
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 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 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 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 moreAccountants
A key trend for the accounting world in 2024 was the sheer number of corporate insolvencies, and the knock-on effect of this in terms of claims against accountants. The number of corporate insolvencies continued to build upon the record levels already seen in 2023, which saw the highest number of annual corporate insolvencies for 30 years. The Insolvency Service's Annual Report in July 2024, for example, reported almost 11,000 new insolvency cases in the previous 12 months, an increase from just over 9,000 the previous year.
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 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 moreArt & specie
Following reports in 2023 that the British Museum had discovered that around 2,000 artefacts were either lost or damaged, it has this year concluded its internal investigation. The Museum found that it had not been compliant with UK legislation regarding how such artefacts should be kept. The Public Records Act requires all UK museums and libraries to meet basic standards of preservation, access and professional care. The consequences of such failings can mean collections being transferred elsewhere or handed over to the National Archives, although it seems the British Museum may be spared this outcome. The Museum is working with the National Archives to ensure their future compliance. This will include the introduction of new policies, such as defining what comprises its collection, introducing a policy for registering items, and improving its policy for reporting unlocated items.
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 moreBrokers
The claims inflation seen in the market over recent years continues to pose a significant risk in relation to underinsurance, putting brokers at risk of negligence claims where an insured finds its cover insufficient to compensate for its losses. Industry research indicates that over 40% of commercial properties are underinsured, and claims managers are increasingly having to have difficult conversations with underinsured property owners. The impact of underinsured losses can be catastrophic for customers, particularly when policies contain average clauses. Insufficient property damage cover can also lead to longer business interruption periods, which are also not adequately insured. Brokers are playing a crucial role in seeking to tackle the underinsurance crisis and should continue to have frank discussions with clients and provide detailed advice on the implications of underinsurance in the event of a claim, including the application of average clauses.
Read moreLife sciences
COVID-19 continued to dominate life sciences headlines in 2024. The COVID-19 Inquiry has continued in earnest. Module 3, which focussed on the impact of the pandemic on healthcare systems has recently concluded. Damning evidence has been heard about the immense toll on healthcare staff, and the detrimental impact on NHS waiting times.
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 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 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 moreAviation
In this this inaugural aviation chapter of the Annual Insurance Review, it would be impossible not to focus on the continuing upheaval wrought by the Russian invasion of Ukraine. The aviation industry, which had largely weathered the disruption of the Covid pandemic, has been faced with new challenges since February 2022. Closure of European airspace to Russian aircraft, and of Russian airspace to aircraft from "unfriendly" countries, has forced route networks to adapt. Western sanctions which prohibited the supply of aircraft to Russian airlines have derailed longstanding relationships between Western aircraft lessors and their Russian customers. Prohibitions on the provision of insurance have similarly impacted aviation business models.
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 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 moreGeneral liability
This has been a dramatic year for cases involving fundamental dishonesty. In Williams-Henry v Associated British Ports Holdings Ltd, the King's Bench Division found that the Claimant, who had suffered a moderately severe brain injury, had dishonestly exaggerated her symptoms and attempted to inflate the value of her claim by over £1million. Although liability was admitted and, but for her dishonesty, she would still have been entitled to damages just under £600,000, the Court dismissed the whole of her claim. The Judge found that, given the extent of her deception, there would be no substantial injustice to the Claimant by her losing the genuine elements of her claim along with the dishonest ones.
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 moreClass Actions and Collective redress
The UK group litigation/ class action landscape continues to expand, particularly in an environmental and consumer context. Whilst we still have no US-style "opt-out" class action regime for civil claims (opt-out class actions are only viable in respect of competition law infringements), the available mechanisms for seeking redress on behalf of multiple claimants, continue to be tested.
Read moreClimate risk and biodiversity
2024 closed with the conclusion of COP29 and COP16 conferences. COP29 continued discussions in relation to financing greener energy projects and compensation of developing countries in the Global South for loss and damage as a result of extreme weather events.
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 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 moreNew Standard Contractual Clauses for data importers outside the EAA but subject to the GDPR
Are the EU’s Standard Contractual Clauses (SCCs) needed if a data importer is located outside the European Economic Area (EEA) and already directly subject to the EU General Data Protection Regulation (EU GDPR)? In other words, where third party controllers and processors are based outside the EAA but subject to the GDPR, do you still need the SCCs to enable a lawful international transfer to them?
Read moreThe UK’s new Data (Use and Access) Bill
What does the UK’s new Data (Use and Access) Bill (the Data Bill) mean for businesses?
Read moreEDPB’s new publications on the ePrivacy Directive, processors and legitimate interests
What are the key takeaways for organisations processing personal data set out in the recent Guidelines and Opinions adopted by the European Data Protection Board (EDPB)?
Read moreICO Statement on Generative AI Model Training
What position does the Information Commissioner’s Office (ICO) continue to take on Generative AI Model training?
Read moreICO reprimands Sky Betting and Gaming for using non-essential cookies without users’ consent
What proactive steps should website operators take to ensure that their use of cookies complies with UK data protection law? Put another way, are you sure personal data is not being collected by your website’s advertising cookies before users have consented to their deployment?
Read moreIrish DPC fines LinkedIn €310m for behavioural analysis and targeted advertising breaches
How certain do data controllers need to be of their lawful basis for processing personal data when engaging in behavioural analysis and targeted advertising, and how clearly must this be reflected in a privacy policy?
Read moreUK's new AI Cyber Security Code of Practice
What is the UK's proposed AI Cyber Security Code of Practice?
Read moreEU AI Act into force 1 August 2024
The EU AI Act came into force across all 27 EU member states on 1 August 2024. The aim of the legislation is to ensure AI systems used in the EU are safe and transparent.
Read moreNew Minister for Data Protection Sir Chris Bryant
On 8 July 2024, the Government appointed Sir Chris Bryant as the Minister of State for Data Protection and Telecoms (as well as Minister of State for Creative Industries, Arts and Tourism).
Read moreSocial media and video sharing platforms targeted by ICO over children's privacy practices
What must social technology platforms be aware of to ensure they are following the ICO's codes of practice for children's online safety?
Read moreUber hit with €290m fine for transferring European driver data to its US HQ
What does the Uber fine signal for international data transfers and the consequences of failing to comply with the EU General Data Protection Regulation (EU GDPR)?
Read moreX suspends personal data training of AI chatbot Grok following Irish DPC pressure
How are the data regulators addressing the use of personal data when training AI language models?
Read moreThe UK's Digital Information and Smart Data Bill
What can we expect from the new Digital Information and Smart Data Bill (the DISD Bill)?
Read moreAI-as-a-Service – Key Issues
Artificial Intelligence-as-a-Service (AIaaS), in the same vein as Software-as-a-Service and Infrastructure-as-a-Service, refers to cloud-based tools that allow businesses to gain access to an AI model hosted by a third party provider.
Read moreProcuring AI – Commercial Considerations Checklist
Many companies will no doubt be considering using AI within their business to take advantage of the massive opportunities for increased productivity and cost efficiencies promised.
Read moreAI and Privacy – 10 Questions to Ask
We set out in this section 10 key questions to ask yourself at the outset when developing or deploying AI solutions in your business.
Read moreGenerative AI – Addressing Copyright
When it comes to the interaction of AI and IP rights, bar a flurry of activity surrounding the inevitable outcome by the courts in the Thaler, Dabus case (see here) and the Court of Appeal's ruling on the potential for exclusion from patentability of artificial neural networks in the Emotional Perception case, most attention has been focused on copyright issues. There are three main potentially thorny issues and all have been extensively covered by the mainstream media.
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