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Published 1 September 2016
International law firm DAC Beachcroft has today (1 September) published its new Insurance Market Conditions & Trends 16/17 report, featuring the key issues and topics that the firm's insurance experts predict are likely to have the greatest impact on the insurance market over the coming year and beyond.
To mark the tenth year of its publication, this year's edition reflects on the legal landscape ten years ago and considers how insurers can prepare for the next decade, highlighting the importance of scenario planning and the need to focus on 'critical uncertainties'.
Helen Faulkner, Head of Insurance at DAC Beachcroft, explains: "Many business planning strategies focus on 'critical certainties', which are usually high impact but do not come as a real surprise. Predictions in this category include the impact of legislative and cyber developments, terrorism, and the socio-demographic challenges of an ageing society.
"What is harder is predicting the 'critical uncertainties', as they tend to be broader, less clearly defined issues, but the ones that can have the most dramatic effects," she continues. "The future of the global economy and technology fall into this category – the hardest to predict but with the greatest impact. Where will the FinTech revolution take us, for example, and how will artificial intelligence (AI) affect both legal services and the insurance industry?"
Brexit also features in the report, with experts from the firm's regulatory team noting that, while Brexit is probably the single dominant issue for the insurance market at the moment, it should not overshadow other issues and topics.
DAC Beachcroft Partner Mathew Rutter comments: "A key question is what UK financial services legislation will look like following Brexit. We think the answer is that it will look very similar to the way it does now. There seems little reason to expert a bonfire of regulation immediately following Brexit. For some in the market, however, the risk of the loss of passporting means that they will need to move quickly to put alternative arrangements in place."
Key themes to emerge among the report's 50 focused predictions, made by its insurance experts across all lines of business, include the impact of cyber attacks and the practical implications of the Insurance Act.
The report also features in-depth analysis on four key areas – connectivity and the ethics around data processing, the many-headed hydra of fraud, cyber-related business interruption and regulatory developments.
The final part of the report summarises the key legislative, judicial and other legal developments from the last 12 months.
For a copy of the report, please click here: