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The current coronavirus outbreak (recently named COVID-19 by the World Health Organisation (WHO)) is dominating global headlines. Since it was first reported from Wuhan, China on 31 December 2019 it has spread to 25 countries, infected over 42,000 people and claimed over 1,000 lives.
As innovation and new technologies are rapidly transforming the way we live, it is imperative that businesses in all industries remain alive to the risks arising from these advancements.
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.
This year’s annual UN climate change conference attended by 197 countries and nearly 27,000 delegates was the longest on record and ended on Sunday 15 December amid frustration and disappointment at what little progress was achieved.
Boris Johnson’s first Queen’s Speech delivered on Monday 14 October 2019 - dominated by Brexit-related legislation - included the Medicines and Medical Devices Bill (the Bill).
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.
A roundup of recent cyber related developments, including the black box effect in ship risk profiling, GDPR fines from the ICO, silent cyber risks, cyber threats to the life sciences sector, insuring the emerging offshore digital assets industry and claims transformation in Latin America.
In a global insurance environment facing change at an unprecedented rate, the London Market’s experience and expertise remains reassuringly consistent. As 2019 promises to continue down this evolutionary path, we offer our predictions on some of the London Market’s priority areas.
The Supreme Court dismisses Pimlico Plumbers’ appeal, thereby allowing Mr Smith’s claims as a ‘worker’ to be heard by the Employment Tribunal.