For a full understanding of the insurance industry, it is essential to have a grasp of the global trends and developments that bear on that industry. Sidley’s Insurance and Financial Services group prepared the Sidley Global Insurance Review as a tool to assist readers in obtaining such an understanding. This publication provides an overview of major legal and market developments in the global insurance industry over the past year, with a focus on the United States, United Kingdom, European Union, Asia and other markets with significant insurance industry activity.
This review was prepared on the cusp of the novel coronavirus (COVID-19) pandemic, which of course is continuing to affect the global insurance industry in a multitude of unique ways. All stakeholders in the insurance industry, be they carriers, producers or consumers, are affected by this global public health crisis and its economic consequences in ways that are hard to predict. Given the rapidly evolving issues associated with the pandemic, we think it premature to make any meaningful assessment or forecast of COVID-19’s effect on the insurance industry. That said, the insights and analysis presented in this review should be viewed through the prism of the challenges and uncertainties posed by COVID-19, which by all measures appear significant.
Sidley has organized a multidisciplinary task force to address the wide range of regulatory, transactional and litigation issues companies face in responding to the outbreak. We have established a COVID-19 Resource Center covering a variety of pertinent topics, which can be found here, and will continue to share periodic briefings with our clients and friends.
To assist stakeholders in the insurance industry, we have assembled a compendium of materials issued by the National Association of Insurance Commissioners and U.S. state insurance departments in response to COVID-19, organized by topic and jurisdiction. We will continue to update this compendium, which can be found here.
We hope you find the 2020 edition of the Sidley Global Insurance Review to be a valuable tool in navigating the insurance market.