Our lawyers across ten jurisdictions have created a guide detailing the top legal concerns for insurers from various regions. Some developments are concerns only in a specific market while other topics appear to be common across several jurisdictions.
Increasing focus on personal accountability, greater oversight of distribution chains and the protection of customer interests and the adaptation of products to new technologies are the global themes our lawyers identify.
New products are emerging as part of the digital transformation of the market. A number of jurisdictions are considering how vehicle automation will impact motor liability lines as self-driving vehicles move closer to becoming a feature on our highways. The industry is having to swiftly adapt products for other new technologies such as drones which are increasingly being applied in commercial environments.
The legalisation of cannabis has made insurance companies in both Canada and South Africa consider how the use and propagation of cannabis affects existing insurance products and new business opportunities. This change in acceptance of cannabis means that existing products must adapt.
An increasing professionalization of the distribution chain is something that can be seen across jurisdictions.
Read the full guide for more detail on trends in the insurance industry across regions including South Africa, Australia, the UK, Hong King and China.