Wotton + Kearney Insurance Year in Review – 2012Insurance Year in Review
Welcome to the 2012 Wotton + Kearney “Insurance Year In Review” publication.
We delayed the publication of this edition slightly this year to ensure it covered the 2012 year in its entirety. This has allowed us to include reference to some material developments in insurance law which occurred at the very end of last year – particularly affecting the D&O insurance market and extending to the liability insurance market generally.
The 2010 and 2011 publications emphasised the impact of severe weather events on the insurance industry. Whilst insurers will no doubt be very pleased with the dearth of severe weather events in our region in 2012, the catastrophic weather events of recent years have now given rise to various common law and legislative developments. In the Property and Public and Product Liability sections, there are references to legal developments flowing from earthquake, flood and bushfire events in our region in recent times.
As alluded to above, one of the more material developments in 2012 stems from the New Zealand Court of Appeal decision in Bridgecorp which goes a considerable way towards clearing up the significant uncertainty in the liability insurance market in both New Zealand and Australia following the Court’s original November 2011 decision. We recommend to you partner Patrick Boardman’s article on this topic in the D&O section.
Please contact the articles’ authors if you would like further information on any of the topics covered in this publication.18/02/2013