Welcome

Published 19 September 2017

The events of the last 12 months have provided clear illustrations of the critical uncertainties we discussed in last year’s report that are difficult to foresee but highly disruptive in effect. They also highlight the ongoing tension between the need for both an international outlook and consolidation at a local level. Responding to this, we are delighted this year to have entered into a four-way alliance with the world’s leading insurance law firms. As founding members, DAC Beachcroft, BLD Bach Langheid Dallmayr (Germany), Wotton + Kearney (Australia) and Wilson Elser (US) have formed Legalign Global to meet the legal needs of the growing multinational insurance market.

In our opening thought leadership piece, David Chmiel asks whether we should be ‘Looking outward or turning inward’ in world politics and trade, and highlights the potential consequences to business. Mathew Rutter also updates us as we work towards Brexit and considers three possible scenarios in ‘The good, the bad and the ugly’.

A recurring theme that has emerged in pulling together this year’s 50 predictions is InsurTech, its impact having grown exponentially since its appearance as one of our predictions last year. It is vital to break the silo mentality and pull together across the traditional divides to fully understand the impact of autonomous vehicles, artificial intelligence and blockchain as considered in our three in-depth features. InsurTech is not something to be afraid of but rather an evolution offering us all the opportunity to work together and find the best way to effect significant changes that will benefit brokers, underwriters and customers alike.

I hope you find this year’s report both a valuable reference resource and strategically thought provoking.

Acknowledgements and further enquiries

As Helen Faulkner mentioned in her Welcome, an overarching theme of this year’s report has been InsurTech and special thanks should go to our InsurTech team for their assistance. Please contact Mathew Rutter for further details.

For further information on any of the other topics raised, please contact our individual service line heads.

This year, we are also delighted to have received such insightful comments from our clients and market leaders. It is by working together that we can obtain the best overview of where the industry is at the moment and what action needs to be taken. If you would like to get involved in our thought leadership projects and events in the future, please let me know.

This report is only possible due to the contributions and assistance of so many individuals across the firm and Legalign Global and our thanks go to all of them. The information in this report is correct as at the end of June 2017.