Full Description
This book brings together leading experts in the fields of insurance and the law of obligations to consider how insurance law is attempting to deal with emerging risks.
Emerging risks pose significant challenges for the insurance industry. Apart from difficulties in quantifying such risks, the availability of insurance capacity is often a concern. The book looks at these issues from philosophical, economic and actuarial perspectives. It asks how far existing private law rules can cope with emerging risks, and in so far as they cannot, how the law should be developed by courts and lawmakers to deal with the emerging legal issues.
The book questions the suitability of the current insurance business models in insuring climate-related risks, autonomous systems, insurance of fines and penalties; as well as how mass or systemic risks (eg pandemics or cyber risks) can be made insurable through 'add on' coverages to the conventional insurance policies. It also evaluates governments' roles to encourage insurers to provide cover for such risks and discusses how a balance can be struck between the need to regulate and the insurance markets' dynamics.
The book will be of academic interest to anyone working in the field of insurance and also relevant for market participants, policy-makers and regulators.
Contents
Introduction, Baris Soyer (Swansea University, UK) and Özlem Gürses (King's College London, UK)
Part I: Conceptual, Theoretical and Regulatory Issues
1. Public Private Partnerships: Providing Capital for Unaffordable Insurance Risks, Özlem Gürses (King's College London, UK)
2. Safety In Numbers: Towards More Comprehensive Approaches to Difficult Risks, Jeffrey W Stempel (University of Nevada, Las Vegas, USA) and Erik S Knutsen (Queen's University Kingston, Canada)
3. Going Beyond 'Risk Solidarity' in Private Insurance: The Changing Function of Insurance in Modern Times, Baris Soyer (Swansea University, UK)
4. Regulating AI in Insurance: An 'All Risks' Approach, Roger Brownsword (King's College London, UK)
5. Insuring the Uninsurable, Or the Uninsurable, Andrew Tettenborn (Swansea University, UK)
6. The Insurability of Fines, Peter MacDonald Eggers KC (7 King's Bench Walk, UK)
Part II: Insuring Various Emerging Risks: Environmental Risks
7. The New Zealand Experience of Insuring against Natural Catastrophes, Robert Merkin KC (University of Reading, UK)
8. The Big Wind Blows: On Northern Australia, Fred Hawke (Clayton Utz, Australia)
9. Climate Litigation Risk: The Limits of Insurance and Tort Law, Livashnee Naidoo (University of Glasgow, UK)
Part III: Insuring Various Emerging Risks: Technology Related Risks
10. Tort and Autonomous Vehicle Accidents: The Automated and Electric Vehicles Act 2018 and the Insurance Solution, Phillip Morgan (University of York, UK)
11. The Changing Landscape of Professional Liabilities, Gary Meggitt (University of Hong Kong)
12. Improving Insurability of Emerging Risks: The Example of Nanotechnology, Christian Armbrüster (Freie Universität Berlin, Germany)
13. The Insurability of Third-Party Liability Risks Arising from the Use of Civilian Uncrewed Aircraft Systems (UAS) in the UK, George Leloudas (Swansea University, UK)
