Legal/ Regulatory

Home Office takes aim at insurance fraud with ABI, Lloyd’s-backed charter

The UK Home Office has announced a new industry-backed charter focused on insurance fraud, in a bid to uncover existing loopholes and slash the impact of criminal behaviour on premiums.

Aon ceases placement of litigation insurance covers for legal finance businesses

Amid the growing impact of nuclear verdicts on corporations and their insurers, broker Aon has said it will no longer place litigation insurance transactions that cover litigation finance firms.

23andMe expects insurance to cover $25mn of cyber breach settlement costs

23andMe has agreed to pay $30mn to settle a lawsuit accusing it of failing to protect the privacy of 6.9 million customers, with the genetics testing firm expecting insurance to cover around $25mn of the cost.

Duane Morris’s Davis and Goldberg: Carriers trying to address cannabis insurance gaps

Demand for cannabis insurance is skyrocketing but the complex and evolving legal landscape presents unique challenges, according to Duane Morris’s Steven Davis and Seth Goldberg, who note carriers are becoming more comfortable as reinsurers’ appetite grows.

Six rating agencies to pay over $49 mln over recordkeeping failures, SEC says

September 3 (Reuters) by Jasper Ward and Chris Prentice – Six credit rating agencies agreed to pay a total of more than $49 million in civil penalties to settle U.S. Securities and Exchange Commission charges they broke recordkeeping rules, the regulator said on Tuesday.

Facing the challenge of rising cyber breach litigation

Cyber breaches have become the latest honeypot for the US plaintiff bar. Jim Blinn, vice president, client solutions at Zywave, looks at the impact on the insurance industry.

Second US judge blocks FTC ban on worker noncompete agreements

August 15 (Reuters) by Daniel Wiessner – A federal judge in Florida has temporarily blocked a U.S. Federal Trade Commission rule that would ban agreements commonly signed by workers not to join their employers' rivals or launch competing businesses, becoming the second judge to rule that the ban is likely invalid.

Lord chancellor launches long-awaited UK discount rate review

The Labour government has started a long-anticipated review into the UK personal injury discount rate, the figure used by courts to calculate lump-sum compensation awards in personal injury cases.

Grantham Institute warns insurers of “phenomenon” of climate litigation risk

The (re)insurance sector must re-evaluate risk management strategies in response to the “growing challenge” posed by climate change-related litigation, according to the Grantham Research Institute’s annual policy report.

The Hartford: Shifting risk landscape necessitates innovation

The Hartford has highlighted the necessity for companies to develop robust incident response plans as cyber threats become more sophisticated and frequent, as it addressed the changing risk landscape across a number of areas in its latest Risk Monitor report.

MS&AD apologises in FSAJ business improvement order update

MS&AD has apologised to its customers and stakeholders in a progress report issued to the Japanese Financial Services Agency on behalf of its subsidiaries Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance.

Skyward’s Robinson blasts global insurer for offering capacity to litigation finance MGA

Andrew Robinson has called out an unnamed global insurer for providing capacity to an MGA offering litigation risk coverage after Skyward Specialty was approached to support the program, calling support for those fueling social inflation “shocking and shameful”.

Chubb’s Greenberg: Insurers “can help to catalyse corporate America” to tackle social inflation

Chubb chairman and CEO Evan Greenberg has reiterated his stance that the industry cannot play “out front” in tackling social inflation but should instead serve as a catalyst for corporate America – which is facing rising casualty rates and risk sharing – to address the issue.

US Chamber of Commerce warns of societal impacts of surging nuclear verdicts

The number of nuclear verdicts in the US has surged to peak pre-pandemic levels while their size is continuing to grow, with those at $100mn+ at record levels and the proportion in the $20mn to $50mn range significantly increasing, according to new data.

EU mulls sanctions against Russian insurer Ingosstrakh

The EU’s executive arm is looking into a member state proposal to sanction Russian insurer Ingosstrakh over its provision of cover for a number of vessels in the growing shadow fleet.

GILC calls for clarity in climate and cyber wordings as claims and regulations bite

New and evolving liabilities stemming from climate change, environmental degradation, the use of AI, and rising cybercrime will dominate the legal landscape for insurers going forward, a new report by Global Insurance Law Connect has said.

Lloyd’s Hardaker calls on govt for greater clarity on Russia sanctions

Lloyd’s has reiterated its commitment to upholding international sanctions levied against Russia, but called on UK policymakers to ease the compliance burden on the London market and to ensure greater alignment between differing sanctions regimes.

AM Best: Social inflation continues to bring pain to casualty insurers

The increase in loss severity for casualty lines such as commercial auto, professional liability, product liability and D&O has in most cases outstripped economic inflation by at least double, with social inflation the largest cause of adverse loss development, according to AM Best.

Fenchurch Law founder Pryce to lead Singapore expansion as Grant named managing partner

Insurance-focused Fenchurch Law has appointed Joanna Grant as managing partner of the firm, with predecessor and founder David Pryce taking on a new senior partner role, leading the firm’s expansion into Singapore.

Leadenhall sues 777 Partners and others on claims of $350mn collateral fraud

ILS fund manager Leadenhall Capital Partners is suing 777 Partners and a host of associated entities over claims of fraud and allegations the investment firm’s co-founders Josh Wander and Steven Pasko “are operating a giant shell game at best, and an outright Ponzi scheme at worst”.

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