CN&CO’s founding deputy chairman, Lee Astfalck, is a top insurance lawyer (and all round lovely guy). He is currently working at law firm Clyde & Co, which recently put out a fascinating 2023 outlook report for the insurance industry.
“Making predictions is never a straightforward exercise,” says the report. “But the shifting landscapes in the insurance sector, for instance in relation to climate change, to fraud and to digital disruption, all against the backdrop of the war in Ukraine, have made this exercise all the more complex.
“Nonetheless, our experts across our global offices have come together to identify what’s on the horizon for insurance in the coming year – the trends behind the news, the challenges that need to be managed, and the opportunities able to be seized by stakeholders in the sector.”
Some of the high-level predictions are:
- Casualty: Excessive policyholder coverage arguments will be less impactful in a post-covid 2023 market
- Climate change: More industries will come under spotlight as climate litigation arena grows
- Corporate: Against a fast-evolving D&O claims landscape, risk mitigation strategies will be under close scrutiny
- Cyber & Technology: 2023 will see increased sensitivity around collection and use of data
- Emerging risks: Autonomous technologies and developing climate concerns will accelerate an increase in global litigation and arbitration
- Insurance line specific: D&O-centric claims, concerning both nuclear and ESG cases, will become more prevalent in 2023
Also, if you’re interested in the latest trends and predictions in the insurance industry, be sure to tune in to InsureTalk30, which takes place online on 26 March 2023. You can register for this monthly event here. Remember, all who register and attend earn 2.5 CPD hours!