Market insights Q3-Q4 2024

A collection of insights and advices around the emerging risks and trends by business line to support you in your strategic planning and decision making.

We provide a legal perspective through a predominantly UK lens on the impact of new and emerging risks by business line.

Driving factors such as the sustained growth of group actions, technological impacts including AI, extreme weather events and supply chain disruption continue to impact claims inflation, which remains a priority for insurers. The global insured losses following the CrowdStrike outage in August are estimated to be in excess of £1bn; global climate events occurring in the first six months of 2024 are estimated to have caused damage in excess of US$49billion. 

This increased risk is reflected in the stream of new regulations imposing increasingly stringent duties and responsibilities for corporates and their insurers across all sectors. This is coupled with ground-breaking legal judgments and new laws changing the way policies are interpreted and damages awarded; the EU’s AI Act came into force on 2 August and the UK’s Riot Compensation Act 2016 will face its first significant test following the civil unrest in the UK over the summer months.  

Commercial agility and strategic planning will provide insurers and their insureds with the confidence to respond to this ever-changing business landscape, often aided by technological advancements.

Insight by business line