Driving Meaningful Change in Diversity and Inclusion in the Financial Sector

Diversity and inclusion (D&I) has featured heavily in speeches by our UK regulators in recent months. The FCA, PRA and Bank of England (the regulators) have now published a discussion paper (DP21/2) which aims to kick-start discussion on how the financial services sector, with the help of the regulators, can “accelerate the pace of meaningful change” … Read more

InsurTech – Ready to Deliver on its Hype?

With three UK based InsurTech companies earning “unicorn” status in 2021, the UK InsurTech market has the potential to be one of the most dynamic in the world. However, investment and impactful innovations in the insurance sector have so far been primarily focussed on small business and personal lines, as well as improving the efficiency … Read more

International data transfers – Commission adopts UK adequacy decisions just in time

On 28 June 2021, the European Commission adopted two decisions confirming the UK as an adequate jurisdiction for GDPR and Law Enforcement Directive purposes.  As the interim data transfer window under the Brexit Trade Agreement expired on 30 June, this was just in time to allow the uninterrupted free flow of personal data from the European Union to … Read more

FCA final rules on general insurance pricing practices – “At a glance” guide

The FCA has implemented a package of remedies to address problems identified in its market study looking at pricing practices in home and motor insurance markets.  “Price walking”, a practice which means that existing customers can pay considerably more at renewal of their policies than new customers for the equivalent cover, will be prohibited. Read more

Court of Appeal Clarifies Approach to Interpretation of EU Retained Law

A recent decision of the Court of Appeal has clarified the approach that English courts should take to retained EU law following the UK’s withdrawal from the EU.  The case concerned the interpretation of an EU regulation which until 31 December 2020 (“IP completion day“) had direct effect in the UK but which now applies … Read more

Court finds credit risk cover in marine policy and considers a broker’s duties at placement

In ABN Amro Bank N.V. v Royal & Sun Alliance Insurance plc (and others) [2021] EWHC 442 (Comm), the Court found that an “unusual” and “unprecedented” clause provided credit risk cover in an all risks marine cargo policy. This lengthy decision explores a number of issues including construction of policy wordings, rectification and estoppel, non-disclosure and misrepresentation, as well as the duties of an insurance broker. In particular, the judgment considers the extent to which a broker is under a duty to explain the meaning of particular clauses to insurers. Read more

Insurance and Reinsurance Disputes Annual Review 2020

We are pleased to share with you our Insurance and Reinsurance Disputes Annual Review of 2020, published today, 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

FCA confirms proposals to prohibit “price-walking”

The FCA’s Final Report on general insurance pricing practices concludes that retail home and motor insurance markets are not working well for all consumers and confirms proposals to prohibit “price walking”. The FCA’s reforms include the following key changes: Firms will be prohibited from imposing a “loyalty penalty” on customers at renewal of their policy. … Read more