In his 2017 book The Square and the Tower, the historian Niall Ferguson says, a “realistic goal [to prevent network outage] is not to deter attacks or retaliate against them but to regulate all the various networks on which our society depends that they are resilient.” Better still, he says, we should aim to make such networks “anti-fragile,” referencing the term coined by Nassim Taleb (most well…
Charles Perry considers how the EU’s new regulations will affect the insurance market and enhance cyber resilience for businesses.
Type: Blog post
This month will see the roll-out of new legislation in England and Wales which will improve certainty and efficiency in the overall claims process. Legal costs have always proved to be a complicated area for claims professionals, with actual exposure unclear until quite late in a claim’s lifecycle. That in turn makes claims handling more difficult at precisely the time that businesses and…, New regime starting in October, From this month, the fixed legal costs regime will be extended to claims up to £100,000 in value (subject to non-monetary exceptions). In theory, this should result in a reduction in legal costs incurred, compared to the existing rules. The savings from the new regime are most likely to be felt by defendants and their insurance providers. Claimants’ lawyers however, are more likely to feel the…, The primary benefits, Lower value claims should become more proportionate. Claimant lawyers may choose to re-evaluate the way in which they manage claims. They may choose to settle claims earlier in the process where it’s likely to be more profitable, rather than spending hours pursuing claims as fixed rates make them less profitable. There’ll be greater certainty to what cost exposure exists from an earlier stage…, Faster claims handling, Additionally, claims are likely to be resolved more quickly. Traditionally, we have seen that more prescriptive legal processes tend to have a positive effect on timescales; fixed costs should eliminate much of the back-and-forth between lawyers on assessment. It will also some much-needed alleviation in court workloads. This change in regime, alongside other recent developments in the cost…
Daniel Cambage explains how this month’s changes to legal cost rules will provide further clarity to the litigation process.
Type: Blog post
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