Throughout the 2010s, the most widespread complaint from retail consumers was around price walking – the practice of offering renewal rates that were higher than they would have been for new customers with the same risk profile. The issue became front page news and affected the opinions of many SMEs about the insurance they bought, even though there was less evidence of price walking being such a significant issue in this sector.

Addept Insurance Services has launched Waypoint, a marine legal protection insurance solution aimed at helping boat owners and brokers.

Third-party litigation funding has transformed the US legal and insurance landscape since its emergence in the 2000s. Initially facing scepticism due to prohibitions against third-party funding of lawsuits for profit, after the 2008 financial crisis investors seeking returns uncorrelated with volatile stock markets fuelled rapid growth. Some estimates project litigation funding investments at US$18.9bn by the end of 2025, with the global market expected to reach US$67bn annually by 2037.

Around a quarter of organisations have been victims of AI data poisoning in the past year according to new research from information security and privacy platform, IO (formerly ISMS.online). Based on a survey of 3,000 cyber security and information security managers in the UK and US, the IO State of Information Security Report also reveals mounting risks from shadow AI.

Financial services firms are accelerating investment in artificial intelligence even as major gaps remain in oversight and safety controls, according to research from EY and Napier AI. EY found that 26% of firms have no, or limited, controls for ensuring AI systems comply with regulations, while nearly a quarter lack adequate safeguards against unauthorised access.

Artificial intelligence is reshaping professional services but creating new exposures for the international errors and omissions market, according to the Lloyd’s Market Association. It cautions that reliance on generative AI is introducing risks ranging from liability for mistakes to data protection breaches and regulatory challenges.