Regulation, technology and natural catastrophe high on Risk Radar

Date: Monday, July 1st, 2019 by Aneesah Atallah Frost.

1 July, 2019 – Global Insurance Law Connect (GILC) today launched its first annual Risk Radar. It pulls together the key themes from across the network that insurers should be have in their sights.

Jim Sherwood, Chairman of Global Insurance Law Connect commented: “In an interconnected world, risk and its associated insurance solutions continue to become ever more global. While the specifics of today are important, sometimes the bigger question is ‘what changes are coming?’, and how to spot them ahead of time? With this problem in mind, we wanted to use our network’s expertise to give our clients a reference tool that highlights the key insurance issues across many countries. Our Risk Radar report gives a snapshot of the major issues that are currently bubbling up in each major insurance destination where we have a presence.

“Some themes for 2019 have a global resonance: many countries are struggling with regulatory issues, for example. The frequency and complexity of changes to local laws is a continuous challenge for insurers with global reach. Natural catastrophe is also a dominant global theme – the balance between government relief and the need for individual protection is one that faces a number of countries. The impact of technology too crops up in all its forms – from e-commerce to insurtech, as businesses struggle to reduce their costs and increase their efficiency. But our report also gives insight into some of the critical by-country issues, such as governmental change in Belgium and Mexico, and changes to the corporate code in Belgium and Italy which will impact insurers significantly.”

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Notes to editors

Global Insurance Law Connect is a formal alliance of insurance law firms spanning four continents. Founder member firms are Batini Traverso Grasso & Associati (Italy), BLM (UK), Byrd & Associates (France) and Foran Glennon Palandech Ponzi & Rudloff PC (USA). Other members are Blanco & Asociados (Spain), Khaitan Legal Associates (India), Santos Bevilaqua Advogados (Brazil), Advokatfirmaet Riisa & Co (Norway) and Lydian (Belgium), Buren Legal (China), gbf Attorneys-at-Law (Switzerland), Lee and Li (Taiwan), Ocampo 1890 (Mexico) and Sparke Helmore (Australia).

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