Mutual insurance: a new insurance structure in China
29.07.2016 | Insurance & Reinsurance
Global mutual premium comprises 27% of the total global insurance premium. However, according to the International Cooperative and Mutual Insurance Federation (ICMIF), mutual premium comprises only 0.3% of the total premium income in China. Clearly there is potential for growth in China’s insurance market.
“A charter for untruth”? The Supreme Court abolishes the fraudulent device doctrine
20.07.2016 | Insurance & Reinsurance
In a judgment delivered today, the Supreme Court (by a majority of 4-1, Lords Sumption, Toulson, Clarke and Hughes, with Lord Mance dissenting) has abolished the ‘fraudulent device doctrine’.
Damages for late payment of claims: the Enterprise Act 2016 – what is it all about?
07.07.2016 | Shipping, Insurance & Reinsurance
On 4 May 2016, the Enterprise Bill received Royal Assent and became the Enterprise Act 2016. Part 5 of the Enterprise Act contains provisions that will amend the Insurance Act 2015 to provide that (re)insurers must pay sums due within a reasonable time. Policyholders will have the opportunity to claim damages if a (re)insurer’s unreasonable delay causes additional loss.
Brexit begins: What are the implications for your business?
24.06.2016 | Business & Finance, Energy, Insurance & Reinsurance, International Trade & Commodities, Shipping
Yesterday, the UK electorate voted to leave the European Union by 51.9% to 48.1%. This will start a process with profound political, economic and social consequences for the UK and its neighbouring European countries.
Damages for late payment of claims – the Enterprise Act 2016
05.05.2016 | Insurance & Reinsurance
On 4 May 2016 the Enterprise Bill received Royal Assent and became the Enterprise Act 2016.
Insurance Act - late payment of insurance claims
16.02.2016 | Insurance & Reinsurance
Currently, where an insurer has unreasonably refused to pay a claim or has caused unreasonable delay in settling the claim, the insured are entitled to recover only that which they are owed under the policy plus interest.