Insurance Law360 UK provides breaking news and analysis on the insurance industry. Coverage includes U.K. and European Union regulation, legislation, enforcement, and litigation involving insurance companies, underwriters, reinsurers, and brokers.
Late May has seen a commodity exchange transaction suit by Deutsche Bank against a Hong Kong food company, a petition by HM Revenue and Customs to wind up Duet Asset Management Ltd., and a Greek shipper's lawsuit against more than a dozen insurers. Here, Law360 looks at those and other new claims in the High Court of England and Wales.
The Court of Appeal ruled Thursday that a contract between units of major international engineering firm Arup Group and a consortium of building firms protects Arup from liability after large amounts of asbestos were discovered at a development site in Wales.
Banks with sizable insurance subsidiaries, or bancassurers, will be slapped with higher scores for their systemic importance if a new method for assessing firms outlined by an umbrella group of central bankers and regulators is adopted, Fitch Ratings said Friday.
Insurance companies offering terrorism cover are constantly adapting to meet new threats and adjust policies to meet new kinds of liabilities, a leading catastrophe modelling company executive said Friday.
Insurance firms should expect major challenges and higher costs when implementing a new global accounting standard for the sector because of the massive scale of the project, which experts say will drastically change how and what insurers must report beginning in 2021.