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Technology
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
Hello and welcome to RPC's Annual insurance review – a look back at the events that shaped the insurance market in 2023 and a look forward towards what to expect in 2024.
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 moreAnnual Insurance Review 2023: USA
In this chapter of our Annual Insurance Review 2023, we look at the main developments in 2022 and expected issues in 2023 for the USA.
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 moreAnnual Insurance Review 2022
Welcome to RPC's 2022 annual insurance review – a look back at the events that shaped the insurance market in 2021 and a look forward towards what to expect in 2022.
Read moreAnnual Insurance Review 2021
Welcome to RPC's 2021 annual insurance review. No prizes for guessing what we will be talking about this year.
Read moreAnnual Insurance Review 2020
Hello and welcome to the 2020 edition of RPC’s annual insurance review. Here you will find updates from our experts across a whole range of business classes as well as from around the world. In the articles that follow you will be able to read our take on key issues that have impacted your market in the year gone – and our thoughts on the issues likely to affect you in the year to come.
Read moreTechnology and cyber
In this chapter of our Annual Insurance Review 2020, we look at the main developments in 2019 and expected issues in 2020 for technology and cyber.
Read moreRegulatory
In this chapter of our Annual Insurance Review 2020, we look at the main developments in 2019 and expected issues in 2020 for regulatory.
Read moreMarine and shipping
In this chapter of our Annual Insurance Review 2020, we look at the main developments in 2019 and expected issues in 2020 for marine and shipping.
Read moreAnnual Insurance Review 2019
Welcome to RPC’s Annual Insurance Review
Read moreAnnual Insurance Review 2018
Welcome to RPC’s Annual Insurance Review for 2018.
Read moreAnnual Insurance Review 2018: Accountants
In this chapter of our Annual Insurance Review 2018, we look at the main developments in 2017 and expected issues in 2018 for accountants.
Read moreAnnual Insurance Review 2017
Last year we identified the standout insurance law event of 2015 as the impending introduction of the Insurance Act 2015. Little did we anticipate the tumultuous events of 2016 that would shake up the global economic markets as a whole.
Read moreAnnual Insurance Review 2016
Landmark insurance law reform and market consolidation
Read moreAnnual Insurance Review 2014
Landmark insurance law reform and dealing with economic recovery which remains gradual
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