Publication | January 2016
In this edition of Insurance focus we review some of the developing regulatory approaches being taken in the European insurance market. Centre stage in terms of policy priorities are the use of personal information and in particular the use of what is known as ‘big data’ in underwriting and the growing adoption of product governance to control the risk of misselling and poor consumer outcomes.
We also consider the proposed amendment to the Insurance Act 2015 that will enable insureds to bring damages claims for late payment under insurance policies – a change to the long-standing principle under English law that insurance claims cannot give rise to damages for late payment.
In our case notes section we include an update on the Deepwater Horizon litigation and consider a recent new development on penalty clauses in English law.
Finally, in our international focus section we report on developments in the insurance market from Australia, China, Italy, Singapore and the United Kingdom.
The global reaction to the initial outbreak of the coronavirus in Wuhan City, China in December 2019 has already had devastating effects in Queensland, particularly on the tourism industry, with the Queensland Premier recently estimating that the Cairns region alone has lost $200 million in forward bookings, and Gold Coast operators were expecting to lose $400 million.
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