GILC report reflects shifting global insurance landscape

Disputes concerning business interruption cover, changes in working practices, and an acceleration in digitisation are changing the global insurance landscape, according to report published today by Global Insurance Law Connect.

The organisation’s second report into the impact of COVID-19 on the global insurance markets distils the views of member firms in 17 countries around the world, drawing upon their in-depth understanding of the local jurisdiction and cultural political and geographical challenges.

Chairman of Global Insurance Law Connect, Jim Sherwood (pictured), commented: “Since our first report on the impact of COVID-19 in July 2020, we have seen changes in the way we live and work and have begun to understand the challenges for businesses and economies around the world. Our GILC members here highlight the common themes which are emerging from coverage to regulatory change, and well as focussing on country-specific issues.

“For example, disputes concerning business interruption have triggered challenges in numerous jurisdictions. Our members also look at the claims to come, not least in D&O where several members focus upon the likely increase in bankruptcy procedures leading to legal actions and claims under credit insurance. How are the courts adapting and what regulatory changes do you need to address? A recurring topic is the change in working practices and business environment, while the acceleration in digitisation has seen the industry move several years’ forward in just a few months.”

The latest edition of the COVID report also contains contributions from two new member firms in Turkey and the Netherlands. Readers can view the report in full here.

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