Annual Insurance Review 2016

Landmark insurance law reform and market consolidation

There are no prizes for guessing the likely main insurance law event of 2016. The Insurance Act 2015 will come into force on 12 August 2016. Policies entered into after that time will be subject to the new regime set out in the Act. This will lead to potentially significant changes for insurers, brokers and insureds alike. An important development for the insurance market in 2015 has been ensuring that the provisions of the Act are understood and that preparations are made for it coming into force.