Insurability of Emerging Risks
Law, Theory and Practice
Published on 23. January 2025
Book
Hardback
360 pages
978-1-5099-7871-7 (ISBN)
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.
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.
Reviews / Votes
This brief review cannot do justice to the breadth and depth of the book. The editors and contributing authors are to be congratulated on this thought-provoking book. * BILA Journal *More details
Language
English
Place of publication
Oxford
United Kingdom
Publishing group
Bloomsbury Publishing PLC
Target group
Professional and scholarly
College/higher education
Dimensions
Height: 238 mm
Width: 164 mm
Thickness: 26 mm
Weight
682 gr
ISBN-13
978-1-5099-7871-7 (9781509978717)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Persons
Baris Soyer is Professor of Commercial and Maritime Law and Director of the Institute of International Shipping and Trade Law at Swansea University, UK.
OEzlem Guerses is Professor of Law at King's College London, UK.
OEzlem Guerses is Professor of Law at King's College London, UK.
Content
Introduction, Baris Soyer (Swansea University, UK) and OEzlem Guerses (King's College London, UK)
Part I: Conceptual, Theoretical and Regulatory Issues
1. Public Private Partnerships: Providing Capital for Unaffordable Insurance Risks, OEzlem Guerses (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 Armbruester (Freie Universitaet 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)
Part I: Conceptual, Theoretical and Regulatory Issues
1. Public Private Partnerships: Providing Capital for Unaffordable Insurance Risks, OEzlem Guerses (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 Armbruester (Freie Universitaet 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)