In a landmark speech at Lloyd’s in 2015, Mark Carney warned of the systemic risk that climate change could pose for the financial services industry. He described three categories of climate risk: physical, transition, and liability.
In this presentation Clyde & Co will explore all three categories and, in particular, the various ways in which liability can arise. They will look at some of the cases already making their way through the courts and also outline the regulatory position, including the PRA’s recent Supervisory Statement.
Nigel handles international insurance and reinsurance disputes and drafts and advises on (re)insurance wordings, including parametric and transactional contracts.
He leads Clyde & Co’s global campaign on Resilience and Climate Change Risk, building a body of know-how and raising awareness of climate-related legal duties and potential liabilities. He co-authored the firm’s 2018 Reports on Parametric Insurance and Inclusive Insurance – exploring the role of innovative risk transfer in closing the global protection gap – and has led Clyde & Co’s 2018/19 series of reports on the rising tide of climate change liability and duties of care.
Laura advises on coverage issues and disputes across all forms of financial lines and directors and officers liability insurance. Her experience encompasses a variety of complex losses and liabilities in many different jurisdictions, often involving combinations of civil, regulatory and criminal proceedings and investigations.
Neil heads the Global Product Liability and Recall practice at Clyde & Co. He specialises in product liability and recall, environmental liability and professional liability. He is a first port of call for complex and cross-border product liability claims and he acts as coverage, defence and monitoring counsel in all parts of the world.
Neil has written and lectured extensively on the risks and opportunities of climate change. He is particularly interested in the evolving relationship between product and environmental liability. Neil is currently advising a number of international insurers on their exposure to climate litigation and the policy response to existing claims.
Book now to hear David Chadwick discuss Political Risk. David qualified as a solicitor in England and Wales in 1992. His practice has a particular focus on policies involving political and financial risk, professional indemnity and insurance and reinsurance.
A specialist in insurance, David has vast experience advising political risk insurers in relation to the adjustment and defence of claims involving all types of political risk policies, such as confiscation, expropriation, nationalisation and deprivation, and contract frustration and contingency (change of law) policies. He has also advised clients on credit insurance policies and has acted on a range of political violence and ‘discord risk’ claims, building up significant experience involving multi-jurisdictional claims in Africa, EMEA and Latin America.
Brexit Day is currently scheduled for 31 October 2019, although it remains open to question whether, when and on what terms Brexit will take place. BILA has assembled a group of expert speakers to discuss the future of the London Market after Brexit. They will look at:
- The London Market’s actions to date and whether they suffice:
- New EU carriers/Part VII transfers/UK branches/broker restructuring.
- Have policyholders been prejudiced?
- How has Brexit affected international open market placements into the UK?
- Issues arising from Part VII transfers. What are the alternatives?
- How is London Market business to be serviced?
- Where will disputes be heard? Will UK law and courts lose out?
- Will it matter if the UK exits without a deal?
- After Brexit: new ways of conducting business; technology; and new legal and regulatory structures.
- The index linked securities market – does the UK’s legal infrastructure respond and can it be improved? Will English law be used in contracts? Where/how (court or arbitration) will disputes be heard? Does Brexit affect the developing ILS market?
- Products sold via the internet – how does law and jurisdiction work with cross border sales? How can English law and dispute resolution processes stay in the lead?
- Large international open market placements – what long term effects will Brexit have? How should London remain a hub?
- Regulation of London carriers and brokers – can this be improved or streamlined post Brexit? Which EU regulations/directives can be improved to make London more attractive? How can the regulators assist London to remain a hub?
Speakers include:
David Kendall – Partner,
Cooley John Abramson – General Counsel,
Travelers James Smethurst – Partner,
Freshfields Bruckhaus Deringer Clarissa Franks – Managing Director,
Marsh Nigel Brook – Partner,
Clyde & Co Professor James Davey – Professor of Contract and Commercial Law, University of Southampton
Malcolm Newman – Managing Director, SCOR SE EMEA Hub
Noona Barlow – UK Head of Claims,
AIG Rob Lumley – Director and Co-Founder, Insurtech Gateway
Venue: Lloyd’s Old Library
Registration: 15:00
Conference start: 15:30
Drinks: 17:45 – 19:00
At a time of considerable change, this lecture will reflect on key case law and regulatory developments in 2019. Highlights include the review of pricing in general insurance by the FCA, ‘use of a vehicle’ in motor insurance, ‘malicious acts’ in marine insurance, and actions for fraudulent insurance claims beyond ‘forfeiture’.
James Davey is Professor of Contract & Commercial Law at the University of Southampton.
“Landfall of the Tech Storm” – How technology is changing client interaction – Legal issues in distribution, claims and insurance services & other key developments in insurance and reinsurance (an AIDA Europe Event).
For full details please click here (may require translation)
Smart Contracts for Insurance
Smart contracts technology has great potential to impact positively upon the design, formation and performance of insurance contracts. This lecture will explore potential uses of the technology within the insurance space and deal with legal issues that arise as a result, including both private law issues and regulation and compliance issues. The lecture is being scheduled to coincide with a report on smart contracts shortly to be published by Lloyd’s on which Dr Goldby is a contributing author.
Dr. Miriam Goldby is a Reader in Shipping, Insurance and Commercial Law, at the Centre for Commercial Law Studies, Queen Mary University of London. She is the Deputy Director of the Centre’s Insurance Law Institute and Director of its LLM in International Shipping Law in London. Apart from articles and book chapters, she has published three books: Electronic Documents in Maritime Trade (OUP, 2013), the second edition of which will be published in 2019; Systemic Risk and the Future of Insurance Regulation edited with A. Georgosouli, (Informa 2015); and The Role of Arbitration in Shipping Law, edited with L Mistelis (OUP, 2016). She is vice chair of ICC UK’s Commercial Law and Practice Committee and a member of the Comité Maritime International’s Standing Committee on the Carriage of Goods. She is also deputy editor of the British Insurance Law Association (BILA) Journal.
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Over a decade since it last did so (in HLB Kidsons v Lloyd’s Underwriters), the Court of Appeal has recently re-considered the law relating to the notification of circumstances to claims made policies. Ben Elkington QC and Josh Folkard, who acted for the Insured, will review the decision in Euro Pools v RSA [2019] EWCA Civ 808, and discuss its potentially significant implications for insureds, brokers and insurers.
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With the insurance market going through a period of significant change Lloyd’s is responding to ensure the market is positioned to take advantage of those developments as it aims to remain the market of choice. Technological and market changes are impacting the coverholder model and against this context Lloyd’s is currently undertaking its most significant overhaul of its delegated authority oversight framework for over 15 years. The changes which Lloyd’s have announced are intended to make Lloyd’s approach more risk-based and flexible, while making it easier and cheaper to do business at Lloyd’s.
As Lloyd’s Head of Policyholder & Third Party Oversight, Paul Brady is responsible for leading this programme and he will be speaking to BILA about the work his team are undertaking and what it means for those who participate in the market or act as advisers to it. He will outline his view of the strategic importance of these changes and will provide details on the amendments Lloyd’s is making to the Intermediaries Byelaw covering: (1) risk-based oversight (2) Lloyd’s approval of delegated claims administrators (3) delegation of authority to non-coverholders, and (4) changes to the rules on sub-delegation.
Paul Brady
Paul Brady is the Head of Policyholder & Third Party Oversight at Lloyd’s where he isresponsible for the market oversight of delegated underwriting, claims, complaints and conduct. Paul has held his current role since January 2017 and previously was the Head ofConduct where he oversaw the implementation of Lloyd’s Conduct Standards. Before thatPaul was in-house counsel at Lloyd’s where he was specifically responsible for advising ondelegated underwriting, intermediary regulation and corporate governance. He is also acontributing author to “Conduct Risk: A Practitioners Guide” and has spoken at numerousevents in the UK and overseas on coverholder and intermediary compliance. Paul is a qualified solicitor having graduated in law in 1993.