New report from DAC Beachcroft unveils top 50 developments facing UK insurers
Published On: 1 September 2014
A new insurance report, published today (1 September 2014) by international law firm DAC Beachcroft, highlights 50 key changes the UK insurance industry can expect to see in the coming months, based on a series of predictions by its insurance experts.
The impact of social media management on claims handling, the threat that cyber piracy could replace traditional piracy and more compensation awards for distress from data breaches are among the issues covered in the new Insurance Market Conditions & Trends 2014/15 report. The predictions cover topics ranging from fracking, the role of technology and supply chains to the solicitors' professional indemnity market, aggressive tax relief schemes and mergers and acquisitions.
"We put our insurance experts on the spot and asked them to predict the top three or four risks, opportunities and challenges they felt would most affect their particular area of the UK insurance market over the coming years," explains David Pollitt, Partner and Head of Insurance at DAC Beachcroft. "We know our clients and the wider insurance market are keen to hear what changes are on the horizon and the risks those changes could bring. We've encapsulated our views in this new report."
The 50 predictions relate to 13 different areas of insurance business, including property, construction, energy, professional liability, marine, technology, product liability, D&O, reinsurance, motor and insurance advisory.
"Fracking is one of the issues we cover," Pollitt says. "It's highly controversial, of course, but could, we believe, be an attractive source of new business if rules and guidelines are strictly followed. On the regulatory side, our Insurance Advisory team predicts the Financial Conduct Authority will intervene more readily than previous regulators."
The 64-page report continues with in-depth thought leadership pieces, where topics include the new Insurance Bill, the cyber risk market and the contribution that better use of data, new modelling techniques and streamlined processes can make to developing innovative solutions to risk management.
The final part of Insurance Market Conditions & Trends 2014/15 reviews the shifting legal and regulatory environment, with summaries of the 20 most significant changes in legislation, case law and other major developments, with commentary on their implications for the industry.
Click here for a link to the report.