Rob Merkin and Jenny Steele
- Published in print:
- 2013
- Published Online:
- September 2013
- ISBN:
- 9780199645749
- eISBN:
- 9780191747823
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199645749.003.0012
- Subject:
- Law, Law of Obligations
Explores the role of insurance in asbestos litigation in respect of mesothelioma. Shows how and why the Trigger Litigation though ostensibly concerned with insurance cover required the courts to ...
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Explores the role of insurance in asbestos litigation in respect of mesothelioma. Shows how and why the Trigger Litigation though ostensibly concerned with insurance cover required the courts to determine the nature of the legal principles developed in earlier tort cases. Argues that the development of the law in these cases would have been vacuous without an expectation that insurance would be in place to respond to the liabilities, and emphasises that insurers were involved at every step of the litigation. Explains that it is now plain that tort claims are made in relation to harm suffered, rather than the risk of harm, and that no manipulation of policy terms or insurance law principles was required to match the liabilities to the cover. Explains that as between insurers and reinsurers, litigation over the division and location of liabilities continues, identifying key issues that remain to be resolved.Less
Explores the role of insurance in asbestos litigation in respect of mesothelioma. Shows how and why the Trigger Litigation though ostensibly concerned with insurance cover required the courts to determine the nature of the legal principles developed in earlier tort cases. Argues that the development of the law in these cases would have been vacuous without an expectation that insurance would be in place to respond to the liabilities, and emphasises that insurers were involved at every step of the litigation. Explains that it is now plain that tort claims are made in relation to harm suffered, rather than the risk of harm, and that no manipulation of policy terms or insurance law principles was required to match the liabilities to the cover. Explains that as between insurers and reinsurers, litigation over the division and location of liabilities continues, identifying key issues that remain to be resolved.
Angelika Wirtz
- Published in print:
- 2013
- Published Online:
- September 2013
- ISBN:
- 9780199841936
- eISBN:
- 9780199950157
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199841936.003.0007
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Overall and insured losses of natural disasters are steadily increasing and reach record highs. The worldwide insurance and reinsurance industry plays an important role to provide immediate financial ...
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Overall and insured losses of natural disasters are steadily increasing and reach record highs. The worldwide insurance and reinsurance industry plays an important role to provide immediate financial support to overcome the impact of natural disasters. This chapter provides information about the development of insurance solutions for natural disasters - from a historical perspective up to current insurance schemes, including micro-insurance. It also analyses in detail the impact of natural disasters of the last decades and points out the most affected areas, the costliest and deadliest events, the distribution by peril and the impact in different income groups.Less
Overall and insured losses of natural disasters are steadily increasing and reach record highs. The worldwide insurance and reinsurance industry plays an important role to provide immediate financial support to overcome the impact of natural disasters. This chapter provides information about the development of insurance solutions for natural disasters - from a historical perspective up to current insurance schemes, including micro-insurance. It also analyses in detail the impact of natural disasters of the last decades and points out the most affected areas, the costliest and deadliest events, the distribution by peril and the impact in different income groups.
Rob Merkin and Jenny Steele
- Published in print:
- 2013
- Published Online:
- September 2013
- ISBN:
- 9780199645749
- eISBN:
- 9780191747823
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199645749.003.0006
- Subject:
- Law, Law of Obligations
Focuses on the means by which loss-spreading is effected by insurance and on the issues of private law which arise in the process. Illustrates that losses are not merely spread within defined risk ...
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Focuses on the means by which loss-spreading is effected by insurance and on the issues of private law which arise in the process. Illustrates that losses are not merely spread within defined risk pools, and that the spreading of losses through insurance is the effect of a complex series of party transactions and relations. Explains that the insurance market spreads losses not only beyond defined risk pools but also beyond national borders and into different markets. Sets out some misconceptions about loss-spreading; explores the process of contribution between insurers; and explains the nature and functioning of the main forms of reinsurance. Touches on alternatives to traditional reinsurance and emphasises the significance of diversification. Explores the relationship between the state and the insurance market in relation to loss-spreading.Less
Focuses on the means by which loss-spreading is effected by insurance and on the issues of private law which arise in the process. Illustrates that losses are not merely spread within defined risk pools, and that the spreading of losses through insurance is the effect of a complex series of party transactions and relations. Explains that the insurance market spreads losses not only beyond defined risk pools but also beyond national borders and into different markets. Sets out some misconceptions about loss-spreading; explores the process of contribution between insurers; and explains the nature and functioning of the main forms of reinsurance. Touches on alternatives to traditional reinsurance and emphasises the significance of diversification. Explores the relationship between the state and the insurance market in relation to loss-spreading.
Lucia Quaglia
- Published in print:
- 2014
- Published Online:
- August 2014
- ISBN:
- 9780199688241
- eISBN:
- 9780191767517
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199688241.003.0005
- Subject:
- Political Science, European Union
The regulatory capacity of the EU in insurance was limited until the early 2000s. Afterwards, the EU set in place harmonized rules for reinsurance and solvency requirements, without waiting for ...
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The regulatory capacity of the EU in insurance was limited until the early 2000s. Afterwards, the EU set in place harmonized rules for reinsurance and solvency requirements, without waiting for international standards. The US does not have a strong regulatory capacity in insurance, which is a state, not a federal competence. Hence, the US authorities have been less able to influence global insurance regulation. Embryonic international solvency requirements began to be discussed by the International Association of Insurance Supervisors (IAIS) in the 2000s and the process is ongoing. The EU has managed to upload some of its regulatory templates internationally because its member states had already reached an agreement at the EU level on the Reinsurance directive and the Solvency II directive. In bilateral negotiations with third countries, especially the US, the EU attempted to cross-load parts of these pieces of legislation.Less
The regulatory capacity of the EU in insurance was limited until the early 2000s. Afterwards, the EU set in place harmonized rules for reinsurance and solvency requirements, without waiting for international standards. The US does not have a strong regulatory capacity in insurance, which is a state, not a federal competence. Hence, the US authorities have been less able to influence global insurance regulation. Embryonic international solvency requirements began to be discussed by the International Association of Insurance Supervisors (IAIS) in the 2000s and the process is ongoing. The EU has managed to upload some of its regulatory templates internationally because its member states had already reached an agreement at the EU level on the Reinsurance directive and the Solvency II directive. In bilateral negotiations with third countries, especially the US, the EU attempted to cross-load parts of these pieces of legislation.
Peter Borscheid, David Gugerli, and Tobias Straumann
Harold James (ed.)
- Published in print:
- 2013
- Published Online:
- April 2014
- ISBN:
- 9780199689804
- eISBN:
- 9780191769450
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199689804.001.0001
- Subject:
- Business and Management, Business History, Innovation
This book provides an overview of how today’s reinsurance industry developed. Until recently, reinsurers were only known to a small minority outside the community. Major disasters, especially those ...
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This book provides an overview of how today’s reinsurance industry developed. Until recently, reinsurers were only known to a small minority outside the community. Major disasters, especially those caused by natural catastrophes, have moved the industry into the spotlight. Yet, what is perceived today by a wider public still only represents a fraction of the industry, and the mechanisms of reinsurance to deal with global risk exposure are virtually unknown. This book for the first time investigates the role of reinsurers in a changing risk, economic, and market environment. The editor, Harold James, explains the fundamental principles of insuring and outlines the evolution of the industry in his introduction. Modern insurance emerged in the late eighteenth century as an invention earmarked by the ideas of rationalism which attempted to quantify risk in monetary terms. Peter Borscheid describes the spread of this invention across the globe, the setbacks it encountered, and how the market environment changed over time. Professional reinsurance emerged with the rise in insured risks in the industrializing mid nineteenth century. By 1906 and the San Francisco earthquake, the reinsurance industry had become well established and showed a remarkable ability to collectively deal with the catastrophe. David Gugerli describes how the industry as a whole dealt with such challenges but also the numerous exposures to a changing risk landscape. Against this background, Tobias Straumann’s history of the Swiss Reinsurance Company, founded in 1863, provides a fascinating example of how professional risk-taking was developed over the last 150 years.Less
This book provides an overview of how today’s reinsurance industry developed. Until recently, reinsurers were only known to a small minority outside the community. Major disasters, especially those caused by natural catastrophes, have moved the industry into the spotlight. Yet, what is perceived today by a wider public still only represents a fraction of the industry, and the mechanisms of reinsurance to deal with global risk exposure are virtually unknown. This book for the first time investigates the role of reinsurers in a changing risk, economic, and market environment. The editor, Harold James, explains the fundamental principles of insuring and outlines the evolution of the industry in his introduction. Modern insurance emerged in the late eighteenth century as an invention earmarked by the ideas of rationalism which attempted to quantify risk in monetary terms. Peter Borscheid describes the spread of this invention across the globe, the setbacks it encountered, and how the market environment changed over time. Professional reinsurance emerged with the rise in insured risks in the industrializing mid nineteenth century. By 1906 and the San Francisco earthquake, the reinsurance industry had become well established and showed a remarkable ability to collectively deal with the catastrophe. David Gugerli describes how the industry as a whole dealt with such challenges but also the numerous exposures to a changing risk landscape. Against this background, Tobias Straumann’s history of the Swiss Reinsurance Company, founded in 1863, provides a fascinating example of how professional risk-taking was developed over the last 150 years.
Orsolya Toth
- Published in print:
- 2017
- Published Online:
- March 2017
- ISBN:
- 9780199685721
- eISBN:
- 9780191765711
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199685721.003.0011
- Subject:
- Law, Company and Commercial Law, Private International Law
This chapter discusses the method of establishing a lex mercatoria rule in practice. The analysis is relevant in arbitration where the lex mercatoria applies and in court proceedings where trade ...
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This chapter discusses the method of establishing a lex mercatoria rule in practice. The analysis is relevant in arbitration where the lex mercatoria applies and in court proceedings where trade usages must be established. The status of usages is currently unsettled in practice. Arbitral rules, such as the ICC Rules, give little guidance on establishing a relevant usage. Witness evidence often contains an ‘opinion’ on the existence of a usage which manifests the circularity paradox of opinio juris. The chapter discusses the General Reinsurance v Fennia Patria case to examine the two elements of a lex mercatoria rule: (i) congruent majority conduct followed out of a (ii) critical reflective attitude by the majority on the market. If the evidentiary process focuses on these factual criteria, that will increase legal certainty. The chapter considers the scope of available documentary evidence, the content of witness statements, and the selection of witnesses.Less
This chapter discusses the method of establishing a lex mercatoria rule in practice. The analysis is relevant in arbitration where the lex mercatoria applies and in court proceedings where trade usages must be established. The status of usages is currently unsettled in practice. Arbitral rules, such as the ICC Rules, give little guidance on establishing a relevant usage. Witness evidence often contains an ‘opinion’ on the existence of a usage which manifests the circularity paradox of opinio juris. The chapter discusses the General Reinsurance v Fennia Patria case to examine the two elements of a lex mercatoria rule: (i) congruent majority conduct followed out of a (ii) critical reflective attitude by the majority on the market. If the evidentiary process focuses on these factual criteria, that will increase legal certainty. The chapter considers the scope of available documentary evidence, the content of witness statements, and the selection of witnesses.
