Regulation, technology and natural catastrophes lead insurers’ concerns in 2019, according to the newly launched Foran Glennon/Global Insurance Law Connect Risk Radar Report.
This first-ever annual report compiles the key themes that insurers should have in their sights based on findings from across the 15 countries represented by the GILC network.
“In an interconnected world, risk and its associated insurance solutions are increasingly global. While the specifics of today are important, sometimes the bigger question is about what changes are coming,” said Thomas Orlando, President of Foran Glennon. “Risk Radar Reporthelps insurers better identify what’s next by providing a snapshot of the key insurance issues across many countries.”
“In the U.S., the top issues we identified are regulation, hiring and retaining talent as well as the changing role of technology,” said Susan Gummow, a shareholder in Foran Glennon’s Chicago office. “We also see that competitive markets and an increase in losses are creating a challenging environment for insurers. As carriers focus on managing costs, they continue to look at M&A to increase market share and profitability.”
Read the full 2019 Risk Radar Report here.
Global Insurance Law Connect is a formal alliance of insurance law firms spanning four continents. Founding member firms included Batini Traverso Grasso & Associati (Italy), BLM (UK), Byrd & Associates (France) and Foran Glennon Palandech Ponzi & Rudloff PC(USA). Other members included Blanco & Asociados (Spain), Khaitan Legal Associates (India), Santos Bevilaqua Advogados (Brazil),Advokatfirmaet Riisa & Co (Norway) and Lydian (Belgium), Buren Legal (China), gbf Attorneys-at-Law (Switzerland), Lee and Li (Taiwan), Ocampo 1890 (Mexico) and Sparke Helmore (Australia).