The FSR team have published their global FSR Outlook 2024: Finding solid ground as the bedrock shiftsIn 2024, the character of change facing the financial industry is more foundational - or fundamental - in nature than ever before. From ESG to AI, the shape of the world we live in is changing in a radical way. This year, we chart the paths through the shifting landscape for financial services businesses seeking solid ground. Read more

Insurance & Professional Risks Annual Review 2023 published

We are pleased to share with you our Insurance & Professional Risks Annual Review of 2023 which provides an overview and analysis of the key cases and developments affecting those engaged in or with contentious matters in the insurance and reinsurance market. Read more

Court of Appeal overturns first instance judgment which held a contractual provision prohibiting assignment could prevent insurer’s subrogation rights

In Dassault Aviation SA v Mitsui Sumitomo Insurance Co Ltd [2024] EWCA Civ 5, the Court of Appeal has overturned a first instance judgment and found that a contractual prohibition on assignment in a sale contract did not prevent the transfer of subrogation rights to an insurer where that transfer arose by operation of law. Read more

Climate Disputes: Managing climate change risk – the role of insurance

It is clear from our climate disputes series that the risks and reverberations of climate change are far-reaching, impacting as widely as shareholder claims, parent company and supply chain risk, disclosure investigations and greenwashing. Such impacts raise the inevitable question of how companies’ trusted tools to address and mitigate risk can handle such a systemic … Read more

UK insurance regulation: looking ahead to 2024

The latest instalment of our annual assessment of the UK insurance regulatory landscape is another bumper edition thanks to the huge amount of regulatory change that has occurred in the last 12 months, and that is set to take place in 2024. Read more

PRA consults on funded reinsurance

The PRA's consultation on funded reinsurance is a welcome development. This is an area in which the PRA has signalled interest for quite a long time, and clarity on its expectations is helpful. Many of the proposals will be familiar to insurers, albeit some will lead to increased formality and documentation in areas that are already being considered. In some areas, many insurers will welcome the PRA's suggestions as they will help to ensure that the bulk annuity market is not being distorted by a small number of parties taking risks that others regard as inappropriate. Read more

The scope of cover for co-insureds may not always be as it seems

The Court of Appeal in its judgment in the appeal of FM Conway Ltd v Rugby Football Union & Ors [2023] EWCA Civ 418 has endorsed the principle that insured parties under a joint names insurance policy are not necessarily all insured to the same extent, even where the policy itself appears to be silent … Read more