Posts Tagged ‘class action’



November 10th, 2014

Regional Variations in Cyber Cover

Posted at 1:00 AM ET

Here we examine the variations in the regulation of data protection and privacy between the United States and Europe.

Continue reading…

November 11th, 2011

Continental European Legislative and Judicial Trends: The Dutch “Class Action (Financial Settlement) Act” (WCAM)

Posted at 1:00 AM ET

David Lewin, Managing Director
Contact

Introduction

The public consultation by the European Commission (EC) “towards a coherent European approach to collective redress (Brussels, February 4, 2011 SEC (2011) 173 final)” shows that the topic of “mass damages” is prominent on the European agenda. We take this opportunity to provide information on the current Dutch “Class Action (financial settlement) Act” (WCAM) (1), which came into force on July 27, 2005. The act prescribes that a collective settlement is a viable and successful way of resolving mass damage claims. This situation is different from that in the United States, for example.

Continue reading…

June 9th, 2010

Continental European Legislative and Judicial Trends: Class Action and Compulsory Mediation Enter the Italian Litigation Scene: How Will These Provisions Affect Insurance Litigation and Business?

Posted at 1:00 AM ET
2010_legislative_thumb-2David Lewin, Managing Director
Contact
 

 

Class Action: Overview and Possible Impact

After numerous postponements, effective January 1, 2010, class action has officially entered the Italian litigation scene as a remedy for consumers against unlawful conduct committed by enterprises after August 16, 2009.
Continue reading…

June 4th, 2010

Continental European Legislative and Judicial Trends: The Eschig Case: Recent Developments Regarding Legal Expenses Insurance

Posted at 1:00 AM ET

2010_legislative_thumb-22David Lewin, Managing Director
Contact

 

Austrian Supreme Court Confirms Free Choice of Attorney in Mass Claim Actions

Most Austrian insurers include a clause in their general conditions applicable to legal expenses insurance “that entitles the insurer, where the interests of several insured persons are directed against the same opponents, to limit its performance to the bringing of test cases, or where appropriate, to collective redress or other ways of asserting legal interests by legal representatives selected by it. (1)” This type of clause was developed in response to the risks arising from mass claim actions. It is therefore referred to as the “Mass Claim Clause.”

Continue reading…

June 22nd, 2009

Continental European Legislative and Judicial Trends: Sweden

Posted at 12:59 AM ET

David Lewin, Managing Director
Contact

Update: The Swedish Group Proceedings Act

The Swedish government published a report (Ds 2008:74) on experiences related to the Group Proceedings Act (2002:59), which came into force on January 1, 2003. The Swedish Group Proceedings Act provides the possibility for a group of private persons, an organization or a public authority to institute a group action in any civil matter. The group must be represented by a non-profit organization or association or ombudsman who will act as plaintiff to bring the action on behalf of those opting in to the action and appoint an attorney on their behalf. Litigation costs can be funded thanks to a “risk agreement” between the plaintiff and the attorney which allows for contingency/success fees.

Continue reading…

May 27th, 2009

Climate Change, Part III: Liabilities Heating Up

Posted at 1:00 AM ET

klein_chris_bioChristopher Klein, Head of Global Business Intelligence
Contact

Whether it is a matter of calculating the potential catastrophic loss due to increased storm activity or the hurt caused in court, the potential liability of climate change is a threat for the (re)insurance industry to consider. It’s not just the rising temperatures but the climate change debate itself that has lead to liabilities and losses. Class action lawsuits have charged oil, gas, and chemical companies, as well as other groups, with negligence in causing climate change and resultant property damage. Meanwhile, recent severe catastrophe events have stressed the (re)insurance industry’s coffers and cast doubt over the accuracy of previous risk assessments.

Continue reading…

May 11th, 2009

Casualty Cat Part V: Case Study

Posted at 1:00 AM ET

metropoulos_emil_bioEmil Metropoulos, Senior Vice President
Contact

Consider hypothetical commercial property construction and development company “X,” which has several high-profile commercial office projects around the world. In this scenario, the company was found to have massively underestimated both development costs (due in part to negligent risk management advice received from the insurer’s environmental audit team) and projected occupancy rental returns at two important commercial office sites in a major city (e.g., London, New York, Dubai, or Shanghai).

Continue reading…

February 5th, 2009

Capacity Woes Pressure D&O

Posted at 1:00 AM ET

Christopher Ross, Senior Vice President
Contact

The January 1, 2009 directors and officers (D&O) reinsurance renewal was challenging for cedents. The ongoing financial catastrophe complicated the effort, which was exacerbated by revelations of the alleged Madoff investments Ponzi scheme in mid-December - just as renewals were completing. Increased loss activity and a shortage of reinsurance capacity factored into the renewal, as well. Coupled with the depressed primary marketplace conditions over the past several years, reinsurers largely held terms at expiring levels.

Continue reading…

January 5th, 2009

Cats and Credit Push Prices Up

Posted at 1:00 AM ET

Global Reinsurance Review January 2009

Reinsurance rate increases were moderate on average at the January 1, 2009 renewal. The Guy Carpenter World Rate on Line (ROL) Index rose 8 percent, in response to the dual pressures of a financial catastrophe and the second most expensive property catastrophe year on record. The degree to which prices increased was tempered by large capital positions at the beginning of 2008, enabling carriers to absorb the year’s losses, but this is where the generalizations end. Loss history, geography, and line of business led to wide differences in pricing. Expectations of another above-average storm year and the uncertainty surrounding the credit crisis underscore the need for continued capital management discipline in the coming year.

Continue reading…