Home Insurance and Reinsurance HFW Insurance Bulletin: May 2019

HFW Insurance Bulletin: May 2019

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Costas Frangeskides, Partner, Holman Fenwick Willan LLP

HFW Insurance Bulletin: May 2019

In this issue: Regulation and legislation; Court cases and arbitration.

1. Regulation and legislation

The FCA’s Executive Director for Strategy and Competition, Christopher Woolard, recently spoke in London on the impact of FCA Innovate, the FCA project which is aimed at promoting innovation in financial services in the interests of consumers. He also set out the FCA’s next steps to ensure further progress.

In July 2018 the European Insurance and Occupational Pensions Authority (EIOPA) undertook a thematic review into the risks and benefits of “big data analytics” in motor and health insurance. The purpose of the review was to understand the types and sources of data and the analytics tools used and to identify whether supervisory or regulatory actions were required at a time when data and security was at the forefront of regulatory development. EIOPA sought to gather evidence on the use of big data by insurance undertakings and intermediaries, whether in product development, sales/marketing, pricing/underwriting or claims management.

2. Court cases and arbitration

The correct allocation of EL mesothelioma losses to excess of loss reinsurances has been an issue in the market since at least as far back as the 1990s. Mesothelioma differs from other asbestos diseases in that it is “indivisible”, namely injury can be caused by any material exposure rather than proportionately by reference to exposure.

For further information please contact the authors of this bulletin


(Editor in Chief)

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