GILC publishes Risk Radar 2021 global report of legal risks

Global Insurance Law Connect (GILC), the insurance law network set up by BLM, has issued its latest “Risk Radar” report, compiling its member firms’ views of legal and regulatory challenges in each of their countries.

The 2021 Risk Radar report, its third edition, includes legal and regulatory updates from members in Australia, Belgium, Brazil, China, England and Wales, Finland, France, Germany, India, Ireland, Italy, Luxembourg, Mexico, Netherlands, Northern Ireland, Norway, Scotland, Spain, Switzerland, Turkey, Taiwan and the US.

“Together, we bring a uniquely skilled group of international insurance lawyers to every client that we work with; and we are delighted that this has brought us international network relationships with a number of new clients this year,” said Jim Sherwood, chair of the GILC and partner at legal firm BLM, which created the network.

Legal firms from Denmark and New Zealand are also poised to join the alliance, he explained to Airmic News, which will bring the sum of legal jurisdictions covered by the network up to 20.

The study suggests that legal and regulatory risks are changing fast, but also in many instances converging, not least because challenges, such as cyber risk, digitalisation, climate change and the pandemic, are common to all countries.

“For the first time, many of the issues that our lawyers have reported as being currently critical in their markets have converged, with a truly universal focus on cyber, climate change and the impacts of the pandemic bringing new challenges to many markets,” said Sherwood.

“A subsidiary point, but one of much importance to all in our industry, is the follow-on impact of the ‘powering up’ of digital marketing, sales and claims processing, as insurance buyers around the globe move online permanently after a year of cultural change,” said Sherwood.

“In this environment, it is all the more important that different markets share approaches, regulatory challenges and stories of innovation, and in this spirit, I welcome you to the third edition of the Global Insurance Law Connect RADAR report. I hope that its roundup of legal insurance news from around the world is both useful and informative,” he added.

He noted that the GILC will continue to publish thought leadership papers. In March 2021 the GILC came out with an “Approaches to Coronavirus” study, and later this year a white paper on directors’ and officers’ liability (D&O) is due out in the Autumn.

For more information on the GILC, please click here.