In Global Process Systems Inc & Anor v Syarikat Takaful Malaysia Berhad [2009] EWCA Civ 1398, the Court of Appeal overturned the first instance judgment of the Commercial Court (previously reported here), and found that the cause of the loss was not ‘inherent vice’ (a risk excluded under the claimant insured’s ‘all risks’ policy) but ‘perils of the sea’, a covered risk. …
Read More UK: Court of Appeal Overturns Recent Judgment on ‘Inherent Vice’

The Brazilian federal government has reportedly decided to reduce its control of the nation’s former reinsurance monopoly holder, IRB Brasil Re, in a move that some are referring to somewhat misleadingly as “privatization” of the entity.  The government would reportedly maintain significant control of the entity through a “golden share” arrangement, but would reduce its equity position in the entity below the majority ownership that it currently maintains. …
Read More Brazilian Government Considers “Privatization” of Dominant Government-Controlled Reinsurer IRB Brasil Re

According to a report released recently by Fundacion Mapfre, total premiums for Latin America as a whole grew by 7.4% when comparing the first half of 2009 to the first half of 2008.  Regional premiums for the first half of 2009 reportedly totaled US$ 49.9 billion (35.8 billion Euros). …
Read More Latin American Regional Premiums Grow 7.4%

On 15 January 2010, the Internal Market Directorate General of the European Commission published for consultation a paper by the Centre for European Policy Studies entitled “Tying and other potentially unfair commercial practices in the retail financial service sector“. …
Read More EU: European Commission Publishes Report on Tying and Other Potentially Unfair Commercial Practices in Retail Financial Services

The UK’s Asbestos Working Party (AWP) has published its revised projection of the cost to employers’ liability insurers of the UK’s asbestos liability problem. The AWP has modelled “alternative scenarios” that suggest the cost of future claims will be between about £5 billion and over £20 billion for the period 2009 to 2050. …
Read More UK: Revised Estimate Says Asbestos-related Liability will Cost UK Insurers Over £11bn by 2050

The Hong Kong Federation of Insurers (HKFI) announced on 6 January 2010 that Mr Alex W Y Chu, Chief Executive of HSBC Life (International) Limited, has been unanimously elected Chairman of the Life Insurance Council to fill the vacancy arising from the death of Mr K.Y. To. …
Read More HK: Hong Kong Life Insurance Council Elected a New Chairman

January 28, 2010, was International Data Privacy Day – an annual event intended to raise awareness of data privacy and to promote data privacy education.  National and state governments, corporations such as Intel and Google, and institutions including universities observed the occasion.  (In Europe, the event is known as “Data Protection Day”). 

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Read More January 28, 2010: Data Privacy Day

On the 20th anniversary of the Confederation of British Industry and PricewaterhouseCoopers Financial Services Survey, twenty leading figures from across the financial services industry have given their views in a report entitled “20/20 Vision – The Future of Financial Services” (the Report). 

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Read More UK: Confederation of British Industry and PricewaterhouseCoopers Publish Report on the Future of the Financial Services Industry

In our January 2010 Client Advisory (see the Client Advisory here) we wrote that, pending the outcome of a recent Ministry of Justice consultation, the Information Commissioner’s Office (the ICO) may be given increased statutory powers to impose fines. In a press release on 12 January 2010, the ICO confirmed this power is expected to come into force on 6 April 2010. 

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Read More UK: Data Breaches to Incur up to £500,000 Penalty