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As the debt crisis in Europe trundles on the risk of a member
state exiting the Eurozone remains a real threat. Whilst it is not
entirely clear what the effect of a member state exiting the
Eurozone would be on the wider world economy or specific contracts
it is expected that economies and businesses will feel a
significant, potentially negative, impact, at least in the short
term.
Insurance companies should now be considering what the impact of
a Eurozone exit would be on their business by considering what
their investment exposure is to the Eurozone (particularly those
countries at higher risk of an exit) and also what the potential
impact on their contracts will be.
Any exit will most likely be sudden, potentially happening
overnight and as such businesses will need to be able to respond
immediately to minimise the disruption to their business.
Clyde & Co can assist insurance companies with their
contingency planning in this area and will also be ready to assist
immediately in the event of a Eurozone exit.
At Clyde & Co we have an in depth understanding of the
potential issues which face insurance companies in the event of a
Eurozone exit. We have experience of assisting insurance companies
prepare for a potential exit and have been working with the LMA to
consider the contractual issues which may arise.
In addition to the above substantive assistance we can also
provide the following:
Presentations to increase the understanding of the issues a
Eurozone exit creates for insurance companies
We would like to offer to host a forum to enable insurance
companies to talk to one another about this issue to facilitate an
industry approach
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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On 24 April 2013 the DIFC Court of First Instance issued an important judgment accepting jurisdiction over a dispute between a DIFC-based reinsurer and an Abu Dhabi based insurance company.
The China Insurance Regulatory Commission promulgated the Notice on Relevant Issues regarding Investment and Shareholding of Limited Partnership Equity Investment Enterprises in Insurance Companies.
A discussion on whether a third party to a contract could obtain stay of legal proceedings against it and rely on arbitration agreement in the contract.
A discussion on a recent judgment of the High Court of New Zealand, which indicates how New Zealand courts will approach indemnity disputes associated with commercial property damage caused by the Christchurch earthquakes.
This case considered whether, where a liability policy contained an exclusion excluding liability arising under a contract, unless such liability would have attached in the absence of such a contract, and where there was a judgment finding the insured liable for breach of contract, that foreclosed the question as to whether there was also tortious liability that would fall within the terms of cover.
A recent Court of Appeal case, has fired a warning shot that the costs of preparation could be disallowed if skeleton arguments are not kept as concise as possible.
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