The social value of insurance

22 Jan 2015

BLM has now for a number of years been corporate members of BILA, the British Insurance Law Association. We noted with interest an article published in the BILA 2014 Journal that considers the development and contribution of insurance to the UK socially and economically.  Insurance products have been behind and supported the development of fire brigades, the virus tracking of smallpox as well as the more commonly known benefits that arise from the common general liability and life insurance coverages. Yet as is noted, the reputation of the insurance industry is too often that of the rapacious and parasitic insurer instructing sharp lawyers to evade liability to the needy and where insurance fraud is seen as a victimless crime.

We were therefore very pleased to see this article authored by one of the UK’s most senior judges the Rt. Hon. Lord Justice Aikens which considers not only the past history and contribution of insurance to British society and the British economy but looks at some of the future issues where insurance might contribute: long term health issues such as care and obesity and the behavioural change and risk mitigation factors that insurance products can encourage.

Importantly, the article reminds us of the fact that, “insurance and the law that governs it, lies at the very heart of the way in which society is itself governed…” and in publicising it we hope to remind readers and more importantly those outside the industry of its huge and valuable contribution and perhaps help to address the reputational issues mentioned in the first paragraph above.

BLM is a supporter of BILA and recommend the membership (whether as individual or corporate). We are very grateful to both BILA and Lord Justice Aikens (by whom copyright is retained) for permission to re-publish the article, which you can access 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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