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Insurance Covered: A look at D&O insurance (With Natalie Graham)
Welcome to Insurance Covered, the podcast that covers everything insurance.
Read moreMoney Covered: The Week That Was – 11 April 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreML Covered - April 2025
We are pleased to share our latest instalment of ML Covered, our monthly round-up of key events relevant to those dealing with Management Liability Policies covering D&O, EPL and PTL-type risks.
Read moreMoney Covered: The Week That Was – 4 April 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreInsurance Covered: Navigating the world of insurance finance (With Stephen Brookson)
Welcome to Insurance Covered, the podcast that covers everything insurance.
Read moreMoney Covered: The Week That Was – 28 March 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreInsurance Covered: A look at reinsurance (With Ben Rose)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Ben Rose, Co Founder of Supercede.
Read moreML Covered - March 2025
As we welcome the New Year, we are pleased to share our latest version of ML Covered, our monthly round-up of key events relevant to those dealing with Management Liability Policies covering D&O, EPL and PTL-type risks.
Read moreProduct bulletin: February 2025
This product law bulletin highlights the EU Accessibility Act, allergen labelling updates, changes to the EU product safety framework, progress on the Product Regulation and Metrology Bill, makeup ingredient awareness, and the UK government's new e-bike and e-scooter safety campaign with updated battery guidelines.
Read moreThe Challenge of the Multi-Generational Workplace (With Dr Eliza Filby)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Dr Eliza Filby, and in this episode the discuss the multi generational workplace and the challenges that come with it.
Read moreMoney Covered: The Week That Was - 28 February 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreSingapore chapter: "Trends & Developments" in Chambers Insurance & Reinsurance Global Practice Guide 2025
Economic uncertainty continued to cast a shadow over global markets as 2024 came to a close. Contributing factors include persistent geopolitical tensions, fluctuating inflation and interest rates, and shifts in global trade dynamics. While the insurance industry has not been immune to these challenges, it has demonstrated remarkable stability amidst the evolving risk climate.
Read moreDirectors beware: Key legal shifts in 2024 and what’s ahead for 2025
The legal landscape for directors and officers (D&O) underwent significant developments in 2024, with court rulings and regulatory changes raising the stakes for company leaders and their insurers.
Read moreThe underwriting of new AI risks (With Chris Moore)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Chris Moore, head of Apollo ibott 1971, and in this episode they discuss the underwriting of new AI risks.
Read moreMoney Covered: The Week That Was – 14 February 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreHay Day at the Court of Appeal
On 30 January 2025, the Court of Appeal gave its judgment in Norman Hay Plc v Marsh Limited. Marsh had appealed against Mr Justice Picken's decision, in which he refused their application for summary judgment and/or to strike out the claim. The appeal was dismissed, the court concluding the issues should be addressed at trial.
Read moreThe top three employment issues for insurers in 2025 (With Kelly Thomson)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Kelly Thomson, Partner is RPC's employment team and they discuss the top three employment issues for insurers in 2025
Read moreImportant changes to note in accountant ethics code update
In this article we consider the anticipated updates to the accountant's Code of Ethics and explore the ripple effects on insurance policies.
Read moreML Covered - February 2025
We are pleased to share our latest instalment of ML Covered, our monthly round-up of key events relevant to those dealing with Management Liability Policies covering D&O, EPL and PTL-type risks.
Read moreMoney Covered: The Week That Was - 31 January 2025
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreNavigating PRA's data request for crypto-asset exposure
On Dec. 12, the Prudential Regulation Authority issued a data request to identify firms' current and expected future crypto-asset exposures. In this blog, we discuss the request, and what implications may arise for financial institutions and their insurers.
Read moreA look at the Piper Alpha disaster (With John Lane)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by John Lane, and they discuss the Piper Alpha disaster of 1988.
Read moreRPC Premier Law recognised across six areas in The Legal 500 Asia-Pacific 2025
RPC, a law firm deeply invested in client ambitions and commercial success, is proud to be recognised once again in The Legal 500 Asia-Pacific 2025 guide for Singapore, securing a host of new and improved rankings for 2025.
Read moreRising to the challenge, how insurers will adapt in 2025
The global insurance industry is on the brink of transformation as geopolitical tensions, accelerating AI adoption, and escalating climate crises converge to create a perfect storm in 2025. From navigating a volatile economic landscape to addressing emerging risks in cyber and ESG, insurers face a year of unparalleled complexity and opportunity.
Read moreAnnual Insurance Review 2025
With the Christmas and New Year festivities already becoming a blur in the rear-view mirror, what better way to blow away the few remaining cobwebs and see-off the January blues than to immerse yourself in RPC's Annual Insurance Review 2025.
Read moreA guide to buying and selling English residential property
We are seeing increased positivity in the English residential property market. In 2024, inflation reached the Bank of England’s 2% target, down from 11.1% in 2022, which was a significant factor in the return of consumer confidence and economic growth. Mortgage rates are falling slightly with approval rates at their highest level since 2022 as buyers continue to respond to increased certainty post-election. Property values are again on the rise while demand continues to outstrip supply.
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 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 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 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 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 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 moreFinancial professionals
In March 2024 the FCA published the findings from its Thematic Review of retirement income advice, looking at the landscape c. 9 years post-pension freedoms against the backdrop of an ageing population. No fundamental problems were identified but the FCA set out some areas for improvement, from more consistent fact finding to considering the value being provided in respect of any ongoing services.
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 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 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 moreHealth and Safety
As the single greatest cause of work-related deaths due to past exposure (according to HSE's Annual health and safety statistics 2024.
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 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 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 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 moreInternational arbitration
The Arbitration Bill received its first and second readings in parliament in July 2024. Having first come before parliament in September 2023 under the UK's then Conservative government, it will once again proceed through the House of Lords and House of Commons, before receiving Royal Assent and becoming law.
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 moreIntellectual property
Since our 2021 Review we have returned frequently to Sky v Skykick, a trade mark dispute that has been ongoing since 2016. In November 2024, the Supreme Court overturned the decision of the Court of Appeal (see here) finding that an inference of bad faith may be drawn if sufficient evidence exists – as there was in this case – that the applicant had never had any intention to supply or provide certain goods or services for which it sought trade mark protection. Once an inference of bad faith has been drawn, this may prove grounds for a mark to be wholly or partially invalidated.
Read moreLegal practices
A crumbling regulator? The SRA is facing difficult questions about its effectiveness as a regulator in the wake of the collapse of Axiom Ince, which led to the disappearance of £62million and the loss of around 1,400 jobs. Initially Insurers received a flood of claims totalling around £33million. In an unpopular move, the SRA announced the profession will cover the loss through a 270% rise in contributions to the Compensation Fund.
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 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 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 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.
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