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With the pace of change in the global insurance market showing no signs of slowing in 2020, we have underlined the London Market’s need to reassert its ability to adapt and manage the constant evolution of global risk. Releasing our annual London Market forecast for the year ahead, we have made predictions across 11 areas impacting the London Market, namely: aviation, casualty coverage, construction, cyber, energy, financial lines, marine, product liability and life sciences, professions, political risks and property damage.
The pace of change in the global insurance market has not slowed down in the last 12 months, nor are there any indications of it doing so over the course of the coming year.
2019 has provided some important regulatory developments for the UK’s financial services industry. We take a look at three of those which we think will continue to have a particularly significant impact on the insurance sector going forwards.
The Governor of Bermuda has appointed Bermuda’s first privacy commissioner (Privacy Commissioner) pursuant to powers under the Personal Information Protection Act 2016 (PIPA).
In this briefing, we consider the latest significant court decisions impacting claims arising from professional liability and financial lines policies and products. Issues covered include: loss of chance, the application of CPR rule 3.9, the scope of a solicitor’s duty, breach of the Quincecare duty, Section 51 Senior Courts Act 1981, extending the application of whistle-blowing protection to the judiciary and the amendment of claims when limitation is an issue.
Case review 26-11-2019
It is well established that a contract between a bank and its customer includes an implied term that the bank will use reasonable skill and care in and about executing a client’s instruction and will not execute instructions known to be dishonest or where there are reasonable grounds to believe that the instructions were given dishonestly. However, until recently, there was no reported case where this duty (known as the Quincecare duty) was found to have been breached.
Insights from the Bank of England’s and Financial Conduct Authority’s joint report on machine learning
Machine learning is a sub-category of artificial intelligence whereby computer programmes develop predictive models or recognise patterns from data, with limited or no human intervention. In October 2019 the Bank of England and Financial Conduct Authority produced a report which outlines the findings from a joint survey they conducted earlier this year, the aim of which was to better understand the current use of ML in UK financial services.
Last month, the Financial Conduct Authority (FCA) published MS18/1.2, the interim report of its General Insurance Pricing Practices Market Study (the Market Study). The interim report sets out the FCA’s preliminary conclusions and the potential remedies that may enable the FCA to ensure that the general insurance market remains competitive and fair to customers.
An independent and wide-ranging industry report that ranks insurance law firms across a variety of areas has seen Kennedys set the standard for service satisfaction levels.
A roundup of recent cyber related developments including: non-material damages under the GDPR; data protection laws in Asia-Pacific; cyber attacks in the education sector; regulation of cryptoassets; blockchain in the pharmaceutical industry; challenges presented by autonomous vehicles; and algorithms as a new emerging risk.