Guy Carp Issues UK Liability Survey
Guy Carpenter & Company, the global risk and reinsurance specialist of the Marsh & McLennan Companies, has published “A Year in Review – 2006 Update,” its fourth annual review of the liability market in England and Wales. The report provides an in-depth examination of major trends in directors and officers (D&O) claims, government regulation, litigation and EU and domestic legislation. The authors also identify emerging issues and preview the market for the remainder of 2007.
“We identified the rapid growth in D&O claims as one of the principal trends in our 2005 report, but 2006 was the year in which we truly saw D&O come to the fore as a fully global issue,” explained Nick Frankland, CEO, Guy Carpenter UK. “With burgeoning claims, an increase in high-profile litigation, heightened regulatory attention by the FSA and the arrival of the Companies Act, we expect D&O to continue to grow in importance throughout 2007 and 2008, and a host of new products to arise as a result.”
Carolyn Morley, Managing Director, Guy Carpenter’s Casualty Specialty Practice, noted that there was a “reduction in the overall number of liability claims being filed at court in 2005, and this trend has continued into 2006, due largely to an increase in mediations and successful resolutions of disputes.” She also indicated that there had been a “marked increase in independent, non-governmental regulation of various professions. It remains to be seen whether these independent reforms intended to raise standards within the professions lead to an increase or decrease in claims.”
In addition to the D&O market, the report addresses developments across all major segments of the England and Wales liability market, including errors and omissions (E&O), environmental liability, employers and employment practices liability and group litigation.
A full copy of the report, prepared by Guy Carpenter’s global Casualty Specialty Practice in collaboration with Fishburns Solicitors (www.fishburnslaw.com) is available for download at www.guycarp.com. Printed copies can be obtained by contacting Guy Carpenter at: marketing@guycarp.com.