Changes in insolvency law set to affect D&O insurers
Several provisions of the Small Business Enterprise and Employment Act 2015, which will come into force on 1 October 2015, are likely to have an impact on directors and their D&O insurers…
Published 1 September 2016
As I celebrate the end of my first year as Head of Insurance, Insurance Market Conditions & Trends is celebrating ten years of insight and commentary. We are proud to have built up such a strong following over the years and were delighted to be shortlisted for best thought leadership at the Managing Partners’ Forum earlier this year.
Our 50 predictions have become a key feature of this report and continue to showcase the forward-thinking advice our teams bring to client engagement. Clear themes emerge this year across our service lines, including cyber risks and the practical implications of the Insurance Act. We also review 50 key legal developments over the last 12 months, but this year I have taken the opportunity to look back at the legal landscape we faced ten years ago, when ‘entitlement’ was forcing itself onto everyone’s agenda. This prompted me to ask whether we could predict where we might be in another ten years. My thanks go to Dr Robert Davies of Cass Business School and David Worsfold for their contributions in mapping the uncertainties of the next decade and their impact (see ‘Ten years back, ten years forward’).
Of course, Brexit is probably the single dominant issue for the insurance market at the moment, not just in the UK but around the world. The UK’s vote to leave the European Union will have many direct and indirect implications for the insurance markets (see ‘Brexit: the big grey swan’) and these will start to become clearer over the next 12 months. However, it is also important that Brexit does not overshadow the many other topics that we highlight in this report, all of which continue to deserve close attention in their own right.
In our central thought leadership pieces this year, we tackle connectivity and ethical data policies, the many-headed hydra of fraud, cyber related business interruption and regulatory developments. It is crucial that the market takes the time now to consider the potential outcomes of each of these issues and to mitigate the risks to enable sustainable growth and a healthy future. We look forward to working closely with you and responding together to the challenges that lie ahead.
"This is the tenth annual report that I have been involved in producing. It is striking how it has progressed over that time, into today’s online and hard copy offering, looking both forwards and back across all service lines.
This edition has been prepared amid the upheaval of Brexit. In addition to thanking all the DAC Beachcroft experts, professional support lawyers and marketing teams for their contributions, a special thanks must go to Mathew Rutter and his team for making sense of the current position we find ourselves in after the referendum. The information in this report is correct as at July 2016.
Please contact our individual service line heads for any further information on any of the topics raised." - by Charlotte Shakespeare