Global Insurance Updates - December 2024

Welcome to the third edition of Global Insurance Updates, a publication from our international insurance team that brings you insights into the latest legal developments across global insurance markets. This edition highlights key regulatory, transactional, and claims-related developments from a broad range of jurisdictions.

In previous editions, we explored emerging markets; this time, we turn our focus to insights from some of our more established practices, featuring updates from the UK, Australia, Belgium, New Zealand, Canada, France, Italy, Luxembourg, the Netherlands, and the US. Additionally, we are pleased to include a contribution from our Nigerian partner firm, Olajide Oyewole LLP, on deepening insurance penetration in Nigeria via regulation of price comparison sites.

This edition includes updates on:

• England & Wales: COVID-19 BI claims – Judgments in 2024 and what's on the horizon;
• Australia: Mandatory merger clearance regime – What insurers can expect and what to prepare for;
• Belgium: D&O Insurance claims trends and the impact of new legislation (cyber, ESG, and tort law);
• New Zealand: The New Insurance Act overhauls the insurance laws in New Zealand;
• Canada (Quebec): Approach to defence costs and policy limits erosion;
• France: The duty of insurance distributors to provide advice in the life insurance sector;
• Italy: The regulator amends IVASS regulations to simplify pre-contractual information;
• Luxembourg: SFDR and ESG for life insurance companies – Where do things stand?;
• Netherlands: The Dutch AFM publishes guidance on the role of the policyholder in group insurance structures;
• United States: Major regulator initiatives address AI systems and insurer investments; and
• Nigeria: NAICOM’s issuance of the Insurance Web Aggregator Guidelines – Deepening insurance penetration.

As the insurance sector around the world is facing new challenges in light of legislative changes and broader regulatory supervision, our international team of insurance sector specialists advises leading global insurance companies to help them navigate these challenges and develop tailored, strategic solutions.

Should you wish to explore any of these updates further, their authors will be happy to pick up the conversation with you. Of course, the countries in this publication are not exhaustive of DLA Piper’s global insurance offering. If you are interested in any other jurisdictions on questions of insurance law or regulations, please do not hesitate to contact us.