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Run-off is a global trend, but local expertise is the key to success – October 2020

In 2019 PwC’s Global Insurance Market Run-Off Survey estimated global non-life run-off reserves at circa $790bn, with legacy management expected to become part of the “new normal”. The drivers are different in different regions, but the underlying trend is the same – a new focus on run-off, supplement with a growing awareness that the legislative environment is changing, meaning that deals are demanding and require technical expertise to price and complete successfully.  Read the article, with contributions from Chris Wood and Gillian Davidson.  The article first appeared in Insurance Day UK in October 2020.

Approaches to coronavirus report – July 2020

Global Insurance Law Connect this week launches its new report, “Approaches to coronavirus”. The report brings together the latest views on COVID-19 from Global Insurance Law Connect member firms in sixteen countries around the globe.

The report examines some of the common themes of coverage as well as legal and regulatory issues observed by the member firms. It also looks at the potential claims emerging and how the depth and breadth of those claims could impact a local insurance industry.

GILC member firm Sparke Helmore provided the commentary for Australia and noted that we are seeing COVID-19 have impacts in the travel, life, health, event cancellation and business interruption classes, where limits of coverage are being pushed in respect of losses associated with the pandemic. But we are also seeing impacts across liability, defence costs, financial lines and D&O classes. We think the majority of claims will be long tail claims, both in this pandemic phase but also when the recovery begins.

The Report covers Australia, Belgium, Brazil, China, England & Wales, Finland, France, Germany, India, Italy, Luxembourg, Mexico, Norway, Spain and Switzerland.

Click here to visit the Global Insurance Law Connect website. Click here to download the full report.

Risk Radar – April 2020

Global Insurance Law Connect (GILC) today launched its second annual Risk Radar report. The report pulls together the key themes from across the GILC network and gives a snapshot of the major issues that are currently bubbling up in each major insurance destination where the GILC has a presence—19 countries.

GILC member firm Sparke Helmore provided the commentary for Australia and noted that a number of issues stand out as having a significant impact on the local insurance industry and the way it operates.  The top three issues that stand-out in the Australia as creating significant headwinds for the local industry are:

  • climate risk
  • technology, and
  • war for talent.

Shortly after our members drafted this year’s report, the world was shocked by the advent of the COVID-19 pandemic and we are already seeing COVID-19 have a significant impact across multiple lines of cover.  GILC will be publishing a separate guide dealing with specific coronavirus legal issues and I will share that with you in the near future.

The Risk Radar covers Australia, Belgium, Brazil, China, England & Wales, Finland, France, Germany, India, Ireland, Italy, Luxembourg, Mexico, Norway, Scotland, Spain, Switzerland, Taiwan and United States.

Click here to visit the Global Insurance Law Connect website. Click here to download the full report.

Annual Review 2019 - January 2020

Global Insurance Law Connect (GILC) this week launched its Annual Review for 2019. The compilation provides a consolidated look back at the most noteworthy articles on global insurance from major markets including Australia, Brazil, France, India, Italy, Norway, Switzerland, Taiwan, and United Kingdom—providing insight to the key issues faced by the ever-evolving industry throughout 2019.

Click here to download the full report.

Click here to visit the Global Insurance Law Connect website.

Spotlight on Emerging Markets - October 2019

As growth within the mature insurance markets stagnates, so carriers and brokers are looking for opportunities for growth in the emerging economies. When you consider that these countries include global economic giants China and India, you can see how important the “emerging” players are for insurers.

These markets are growing rapidly, which makes them exciting places to work and invest, but sometimes also higher risk. Each emerging market has its own complexities, its own legal structures, and often a distinct approach by its own government, which must be understood when considering growth prospects and possibilities for entering the market.

One of the strengths of Global insurance Law Connect is the wide membership among specialist firms in emerging (as well as established) insurance markets. As these firms have unique and well-recognised expertise in insurance law in their own markets, it was concluded that clients would find a spotlight on the local nuances of emerging market helpful—a “what’s happening now” guide for insurers who have an interest in this area.

In addition, the comparison of different markets allows readers to understand common and particular themes, and to see how different countries have tackled different growth, regulatory and economic issues. 

Click here to download the full report, which is accompanied by a seminar video series presented by GILC on each of the Emerging Markets, available here.

Click here to visit the Global Insurance Law Connect website.

Risk Radar - July 2019

Global Insurance Law Connect (GILC) this week launched its first annual Risk Radar report. The report pulls together the key themes from across the GILC network and gives a snapshot of the major issues that are currently bubbling up in each major insurance destination where the GILC has a presence—15 countries listed below. Click here to download the full report.

About GILC

Sparke Helmore Lawyers is proud to be a member of GILC and the sole Australian representative firm.

GILC is a formal network of leading insurance law experts with its formation inspired by client demand. The network is comprised of like-minded and high-performing independent firms from across the globe that specialise in insurance law. 

Chris Wood, Partner in Sparke Helmore's Commercial Insurance team, commented “We are delighted to be joining GILC. It makes a powerful statement about the firm’s deep commitment to the insurance sector as well as reinforcing our position as one of the market leading insurance law practices in Australia. This move gives Sparke Helmore the ability to connect clients across the globe, delivering smart solutions through the lens of leading thinking and a dedication to innovation.”

Countries represented in the network are:

  • Belgium
  • Brazil
  • China
  • France
  • India
  • Ireland
  • Italy
  • Mexico
  • Norway
  • Spain
  • Switzerland
  • Taiwan
  • United Kingdom
  • USA

What makes GILC a stand-out is its special legal and risk interest groups. We see this collective contribution of local expertise from each of the member firms as a powerful proposition. There are currently 14 special interest groups including:

  • Construction
  • Complex bodily injury claims and health, safety & regulatory
  • Cyber/TMT
  • D&O
  • Energy
  • Environment
  • Financial lines
  • Marine
  • Fraud
  • Policy development
  • Product liability & recall
  • Property
  • Reinsurance

GILC has also recently committed to four priority specialist groups being Cyber, D&O, financial lines and product liability and recall. These areas align strongly with Sparke Helmore’s national Commercial Insurance team’s priorities and we will actively engage with GILC global thinking for these groups.

Gillian Davidson will take a seat on the board of GILC as Asia Pacific representative. “It’s an honour to be the appointed to the board of GILC and fast-track the firm’s connectivity to the other member firms. We have a great deal of knowledge and expertise to contribute given the burning platforms being experienced across the insurance market. I will be championing a number of issues as a member of the Board including strategic and gender diversity,” said Gillian.

Click here to visit the Global Insurance Law Connect website.

Media enquiries
Gillian Davidson
Gillian Davidson
Partner
t: +61 2 9373 3535+61 2 9373 3535
m: +61 404 828 264+61 404 828 264
o: Sydney
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Catherine Power
Catherine Power
Partner
t: +61 2 6263 6373+61 2 6263 6373
m: +61 427 330 193+61 427 330 193
o: Canberra
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