Date: Monday, November 1st, 2021 by Michaela Hickson.
Analysis helps to pinpoint insurance challenges
1 November 2021 – Over the past few months Global Insurance Law Connect have worked together with Capital Economics to analyse global economic trends. As a result, today GILC are launching a new report which provides GILC clients with a broad view of the global economy. Insurance, as with all industries, is seeing changes to the market due to global economic pressures, and this report has been produced to give insight as well as to be used as a tool to shape insurers planning for the months ahead.
Jim Sherwood, Chairman of Global Insurance Law Connect commented: “Macroeconomics now, more than ever, impacts every aspect of the insurance value chain. Recent discussions with our members have highlighted how across the globe, demand for insurance varies by line of business. However, as economies transition to the ‘new normal’, we are likely to see growth in those classes of insurance that have fallen in the last two years.
“M&A activity within the insurance market has increased in many regions, as insurers seek to provide a full-scale offering or upgrade their technology to offer their consumers a more streamlined service. In addition, there is also a greater demand for increased transparency and competitiveness, coupled with tougher regulatory regimes. All of this is critical to our clients’ working lives.”
“I want to thank Capital Economics for their insightful economic commentary which forms the backbone of our new report, which I am hoping will prove to be a useful tool for our members and their clients.”
Victoria Sisson Luther Pendragon 07767 794208
Notes to editors
Global Insurance Law Connect is a formal alliance of insurance law firms spanning four continents. Founder member firms are BTG Legal (Italy), BLM (UK and Ireland) and Byrd & Associates (France). Other members are Advokatfirmaet Riisa & Co (Norway), Arnecke Sibeth Dabelstein (Germany), Blanco & Asociados (Spain), Buren Legal (China), Durukan (Turkey), Khaitan Legal Associates (India), gbf Attorneys-at-Law (Switzerland), Lee and Li (Taiwan), Lydian (Belgium), Molitor (Luxembourg), Ocampo 1890 (Mexico), Santos Bevilaqua Advogados (Brazil), Socrates (Finland), Sparke Helmore (Australia), and WIJ advocaten (Netherlands).
A cornerstone of the offering is 14 special legal and risk interest groups sharing expert knowledge with clients across classes of business such as product liability, D&O, marine, energy and cyber.
Our vision and focus is to use the strength and depth of our company to help our clients reduce the time and money they spend on managing risk. If you need a global group of legal advisers, delivering a creative, commercial and specialist service, talk to Global Insurance Law Connect today.
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