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Product liability


Product liability insurance provides an indemnity to a business in respect of legal liability to the end-users of the products which it either manufactures or sells. Although the definition of a product in most product liability policies is broad, disputes do sometimes occur concerning whether or not the damage in question has been caused by a ‘product’ at all. Further, the cover for property damage is in respect of the insured’s

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Latest Insurance & Reinsurance News

Broker banned for 'lack of integrity' over indemnity risk

Law360, London: Markos Markou, the director of a mortgage broker who demonstrated a 'lack of integrity' has been banned and must pay a £10,000 fine after a London appeals court ruled on 17 December 2024 that he recklessly risked his company operating without professional indemnity insurance (PII).

UK must address regulatory bias toward risk, ABI says

Law360, London: Regulation in the UK has become heavily weighted toward risk rather than growth and its 'structural bias', which creates layers of rules in the financial services sector, must be tackled, the Association of British Insurers (ABI) said on 18 December 2024.

Insurance & Reinsurance weekly highlights—19 December 2024

This week's edition of Insurance & Reinsurance weekly highlights includes: Sky can claim more in insurance dispute over faulty roof; Spain can’t enforce €855m oil spill award against insurers; High car insurance keeping 2.6 million from driving in UK; PRA publishes policy statement and supervisory statement on solvent exit planning for insurers; PRA postpones dynamic general insurance stress test and revises stress testing schedule; EIOPA publishes results of 2024 Insurance Stress Test; ECB and EIOPA propose European approach to mitigate economic impact of natural disasters; EIOPA publishes December 2024 Financial Stability Report.

PRA postpones dynamic general insurance stress test and revises stress testing schedule

The Prudential Regulation Authority (PRA) has announced the postponement of the launch of the Dynamic General Insurance Stress Test (DyGIST) from the initial timeline to May 2026 intending to reduce the burden on general insurers in 2025 as they prepare to report on the new Solvency UK regulatory returns. It will also allow for more efficient use of PRA resources.

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