September 11th, 2012

Guy Carpenter Report Details European Legislative Developments for Casualty Insurance Market

Posted at 11:30 PM ET

Guy Carpenter issued its semiannual analysis of key European legislative developments affecting the casualty insurance industry. Produced in collaboration with law firm Heuking Kühn Lüer Wojtek and its network of legal experts across Continental Europe, the report, Recent Legislative and Judicial Developments in Continental Europe Affecting the Casualty Insurance Industry, analyzes the most impactful and significant legislative changes and judicial developments across 11 jurisdictions, which include:

  • Austria - Discussion of whether a “right to direct litigation” (RDL) in cases of co-insurance would constitute the waiver of an insured party’s right to legal protection under Austrian law
  • Belgium - Revised guidelines from the European Commission show a significant improvement in the risk assessment and managing of product recalls and other corrective actions
  • France - French authorities have become more inclined to apply the precautionary principle in recent cases, which forces manufacturers to track scientific advances of products introduced to the market and recall them if their safety is questionable
  • Germany - Federal Court of Germany ruled that a breach of contractual incidental obligation due to gross negligence can release an insurer from its payment obligations
  • Italy - Court ruling requires companies to put solid fire and industrial injury prevention measures in place, along with an effective compliance program, to avoid corporate liability
  • The Netherlands - New export control legislation encourages companies involved in commercial transactions for dual-use items (military products also used for civil purposes) to make a detailed analysis of their far-reaching responsibilities
  • Norway - Analysis of recent Supreme Court rulings involving casualty law including decisions on motor liability, occupational damage, and recourse action against a county authority
  • Poland - Supreme Court enacts more stringent rules in establishing due compensation in vehicle holders’ insurance market
  • Spain - Exploration of the impact of significant reforms made to the Spanish Criminal Code surrounding the criminal liability of companies on directors and officers coverage
  • Sweden - Case study examines Sweden’s three-tiered model for compensation of occupational injuries and potential for double compensation under the existing structure
  • Switzerland - The current ban on retroactive insurance is likely to be removed from The Swiss Insurance Contract Act, which is currently being revised

Morley Speed, Managing Director, Guy Carpenter & Company, said, “Once again, we have found that the legislative and judicial developments impacting the casualty sector across Europe are widely-diverse and unique to each localized jurisdiction. That said, regardless of which market or country we look at, what remains consistent across the board is the need to be well-informed and attuned with the ever-changing requirements and regulations relevant to your business in order to strategically manage risk and avoid liability.”

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