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With COVID-19 continuing to cause colossal economic uncertainty, UK regulators have introduced measures and issued guidance to ensure that companies fully consider the potential impact of COVID-19 on their business.
On March 20, 2018, the U.S. Supreme Court in Cyan, Inc. v. Beaver County Employment Retirement Fund (“Cyan”) held that class actions under the Securities Act of 1933 (the “1933 Act”) may be brought in state court, and are not removable to federal court. What this means is that plaintiffs can and have been bringing class actions under Section 11 of the 1933 Act in both state and federal court. This has resulted in procedural headaches and an increase in defense costs that have frustrated both policyholders and D&O insurers alike.
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: trustee and fiduciary duties, the applications of CPR Parts 36 and 25, confirmation by the Court of Appeal that no credit is to be awarded to allegedly dishonest parties and further clarification on the jurisdiction of US securities claims.
The legalisation of cannabis in certain parts of the world presents both big challenges and big opportunities for insurers.
This article looks at the concept of corporate social responsibility and the benefits of companies taking such positions; corporate accountability when such positions are asserted, including potential risks given the current litigation climate, as well as the political, economic and social environments; and potential issues underwriters and claims handlers should consider when insuring companies that take more active positions on social responsibility.
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.
Although Bermuda’s share of the global funds industry is smaller than its share of the international insurance and reinsurance industry, there is a credible business case for optimism in 2020 and beyond.
On 6 January 2020, the Financial Conduct Authority (FCA)’s Director of Supervision, Retail and Authorisation, Mr Jonathan Davidson, wrote to the chief executives of wholesale general insurance firms to set out the FCA’s clear expectations that firms must be proactive in tackling non-financial misconduct (the Dear CEO letter).
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.