Global Insurance Law Connect launches inaugural Risk Radar report

01 Jul 2019

BLM, a member of Global Insurance Law Connect (GILC), today launched its first annual Risk Radar. It pulls together the key themes from across the GILC network that insurers should have in their sights. 

Jim Sherwood, GILC chairman commented: “In an interconnected world, risk and its associated insurance solutions continue to become ever more global. While the specifics of today are important, sometimes the bigger question is ‘what changes are coming?’, and how to spot them ahead of time? With this problem in mind, we wanted to use our network’s expertise to give our clients a reference tool that highlights the key insurance issues across many countries. Our Risk Radar report gives a snapshot of the major issues that are currently bubbling up in each major insurance destination where we have a presence.

In the UK, the top three issues we identified are Brexit, pressures in the Directors and Officers market and changes to the structure of the Lloyd's market. Across the world, some themes come up time and time again. For example, many countries are struggling with regulatory issues. The frequency and complexity of changes to local laws is a continuous challenge for insurers with global reach. Natural catastrophe is also a dominant global theme – the balance between government relief and the need for individual protection is one that faces a number of countries. The impact of technology too crops up in all its forms – from e-commerce to insurtech, as business struggle to reduce their costs and increase their efficiency.”

To download a copy of the Risk Radar, please click here.

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Disclaimer: This document does not present a complete or comprehensive statement of the law, nor does it constitute legal advice. It is intended only to highlight issues that may be of interest to customers of BLM. Specialist legal advice should always be sought in any particular case.

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