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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 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 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 moreConstruction
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 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 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 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 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 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 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 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 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 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 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 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 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 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 moreML Covered - January 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 moreMoney Covered: The Week That Was – 10 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 moreFOS complaints on the rise – is enough being done?
The Financial Ombudsman Service (FOS) has recently published its yearly complaint data, revealing that complaints regarding fraud, scams, current accounts and credit cards between July and September 2024 hit record levels, rising more than 50% compared to the same period in 2023. The data provides a breakdown of the areas where complaints appear to have increased the most.
Read moreThe insurance of Christmas
Welcome to Insurance Covered, the podcast that covers everything insurance. In this special Christmas episode Peter is joined by an ensemble cast of insurance experts to discuss the insurance of the core elements of Christmas, from the tree and the presents under it, to the turkey and wine enjoyed at the dinner table.
Read moreGeneral Liability newsletter – May 2024
Welcome to the latest edition of our general liability newsletter. In this edition we look at the Personal Injury Discount rate, the Terrorism (Protection of Premises) Bill and the recent case of Williams-Henry v Associated British Ports you have any questions please get in contact with a member of the team.
Read moreLessons from on high revisited: What does the recent International Entertainment Holdings coverage decision teach us about the approach to mistakes in insurance policies previously explored in George on High?
How should an insurance policy be applied when something goes wrong with the drafting of its terms? This article considers two recent cases with contrasting outcomes in which this question was explored, namely George on High Ltd & Anor v Alan Boswell Insurance Brokers Ltd & Anor [2023] EWHC 1963 (GOH v Alan Boswell) and International Entertainment Holdings & Others v Allianz Insurance PLC [2024] EWHC 124 (Comm) (IEH v Allianz).
Read moreChambers Asia Pacific recommends RPC Premier Law in three categories
RPC Premier Law has maintained its rankings as a top firm in Band 1 for Insurance and Band 4 for Shipping: International: Litigation.
Read moreML Covered - December 2024
Welcome to the December edition of ML Covered, our monthly round-up of key events that are relevant for those dealing with Management Liability Policies covering D&O, EPL and PTL-type risks.
Read moreMoney Covered: The Week That Was – 22 November 2024
Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.
Read moreIs an insurer responsible for 'the same damage' as its insured?
Same Damage and Third Party Rights: unpacking Riedweg v HCC and the 2010 Act
Read moreNavigating risk in the energy transition (With Joe Dutton)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Joe Dutton, Energy Innovation Lead, at AXIS and in this episode they discuss a recent report Joe co-wrote, Navigating Risk in the Energy Transition.
Read moreThe new Lithium-Ion Battery Safety Bill: where are we with legislation governing lithium-ion battery safety?
The new Lithium-Ion Battery Safety Bill underwent its first reading on 6 September 2024. We explain the aims of the bill and consider how it fits with the proposed Product Safety and Metrology Bill.
Read moreMoney Covered: The Week That Was - 1 November
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 - November 2024
Welcome to the November edition of ML Covered, our monthly round-up of key events that are relevant for those dealing with Management Liability Policies covering D&O, EPL and PTL-type risks.
Read moreThe insurance of systemic risks (Trevor Maynard)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Trevor Maynard, Senior Insurance Advisor at Insurtech Sotera and Vice Chair and Executive Director at Cambridge Centre for Risk Studies. In this episode they discuss systemic risks.
Read moreML Covered - The Employment Rights Bill is here - what could this mean for employers?
Welcome to the third edition of ML Covered, our monthly round-up of key events that are relevant for those dealing with Management Liability Policies covering D&O, EPL and PTL-type risks.
Read moreThe 'Audit Reform and Corporate Governance Bill': Momentum for legislative reform continues, but what does the proposed legislation mean for management liability?
We consider what we know about the proposed Audit Reform and Corporate Governance Bill.
Read moreML Covered - October 2024
Welcome to the third edition of ML Covered, our monthly round-up of key events that are relevant for those dealing with Management Liability Policies covering D&O, EPL and PTL-type risks.
Read moreSustainability and insurance (with Rachel Delhaise)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Rachel Delhaise, Head of Sustainability at Convex Insurance. In this episode they discuss her role as Head of Sustainability and what that means for insurance.
Read moreFixed recoverable costs: One year on
1 October 2024 marks the one year anniversary of the implementation of the final Jackson reform: the biggest shake-up to civil costs in a decade. We consider the impact of the reforms and whether the predictions we made this time last year were right.
Read moreML Covered - September 2024
Welcome to the second edition of ML Covered, our new monthly round-up of key events that are relevant for those dealing with Management Liability Policies covering D&O, EPL and PTL-type risks.
Read moreThe use of AI in insurance (With Selim Cavanagh)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Selim Cavanagh, Director at Mind Foundry, an organisation that advises insurers on how to make the most out of AI, which is the topic they discuss.
Read moreW&I insurance: Key lessons from recent case law
Recent case law has highlighted the importance of understanding how a buyer on a share or asset sale has valued the target business and the clear drafting of exclusions. This blog considers the key takeaways for both warranty and indemnity (W&I) insurers and insureds.
Read moreProduct bulletin – August 2024
Welcome to the latest edition of our product law bulletin, this month we focus on: • Toy Stor-E.U. • Automated Vehicles Act comes into force • A new regime for Connectable Products • The UK sees new E. coli outbreaks • EU Product Liability Directive • EU proposes new template for product recall notices • Product Safety and Metrology Bill
Read moreML Covered - July 2024
Welcome to the first edition of ML Covered, our new monthly round-up of key events that are relevant for those dealing with Management Liability Policies covering D&O, EPL and PTL-type risks.
Read moreRight language, right place: What King Trader can teach us about the placement of language within insurance policy wordings
The recent High Court judgment of MS Amlin Marine NV on behalf of MS Amlin Syndicate AML/2001 -v- King Trader Ltd & others (Solomon Trader) [2024] EWHC 1813 (Comm) is the latest in a string of recent decisions that shine a light on the construction of insurance policy wordings.
Read more"Let form follow function" in insurance policy drafting: Technip, Project Angel and … the Bauhaus?
The Bauhaus is a fascinating art movement that emerged in Germany from the dying embers of the first world war. Showing up in architecture and product design primarily, at its heart were the principles of simplicity and usefulness and the imperative to create beautiful things through purposeful utilitarianism. A now ubiquitous phrase, that is a lasting legacy of the Bauhaus, underpinning many fundamental design ideas is this: "let form follow function".
Read moreThe arbitration of insurance disputes (With Jonathan Wood)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Jonathan Wood, President of the Chartered Institute of Arbitrators and fellow RPC lawyer. In this episode they discuss arbitration with a particular focus on insurance disputes.
Read moreNorthern Ireland and the art of dispute resolution (With Lord Peter Hain)
Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Lord Peter Hain, former Secretary of State for Northern Ireland and member of Tony Blair and Gordon Brown's Government. In this episode they discuss Peter's involvement in the Good Friday agreement where a peaceful end to hostilities in Northern Ireland was successfully negotiated.
Read moreCompulsory mediation in small claims: a quick guide for the busy lawyer
A new pilot scheme requiring parties in money claims valued at up to £10,000 to take part in a compulsory free one-hour mediation appointment, provided by HMCTS' Small Claims Mediation Service – before the claim can then proceed to Court if no settlement is reached.
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