It is hard to overstate the importance of insurance in personal and commercial life. It is the key means by which individuals and businesses are able to reduce the financial impact of a risk occurring. Reinsurance is equally significant; it protects insurers against very large claims and helps to obtain an international spread of risk. Insurance and reinsurance play an important role in the world economy. It is an increasingly global industry, with the emerging markets of Brazil, Russia, India and China developing apace.
Given the expanding reach of the industry, there is a need for a source of reference that analyses recent developments in the key jurisdictions on a comparative basis. This volume, to which leading insurance and reinsurance practitioners around the world have made valuable contributions, seeks to fulfil that need.
Looking back on the past year, market estimates suggest that the insured losses flowing from the explosion at the Port of Tianjin in China may well exceed US$3 billion. The losses will arise on a wide variety of policies ranging from cargo, property and ports and terminals insurance through to product liability and business interruption. Those policies will be subject to a range of governing laws. It is likely that there will be complex issues to consider in relation to each of these types of coverage, both at the direct insurance and reinsurance levels. The US winter storm of January 2016 is predicted to be a multi-billion dollar loss event. In the UK, December 2015 was the wettest on record. Denial of access to homes and businesses was significant, and the insurance market is braced for the ensuing losses.
Events such as these test not only insurers and reinsurers but also the rigour of the law. Insurance and reinsurance disputes provide a never-ending array of complex legal issues and new points for the courts and arbitral tribunals to consider.
With over 30 years of experience, Peter Rogan has advised on all areas of insurance with a focus on reinsurance, marine, professional indemnity and political risks. He has been involved in many of the major market issues over the years, and has developed a strong reputation for sensible strategic advice in relation to large disputes.
His international practice has a particular emphasis on litigation affecting the London market and its counterparts abroad. As well as advising his clients, Mr Rogan has a wider role within the market on behalf of Ince & Co, and regularly chairs and speaks at conferences in London and abroad. Over the years, he has held senior positions in both ARIAS UK and the insurance committee of the International Bar Association. He has handled countless arbitrations and mediations, and this experience has enabled him to develop an arbitration and mediation practice, in respect of which he has taken a number of appointments.
He is a member of the development board of the Centre for Commercial Studies at Queen Mary College. He is a mediator and arbitrator on the London and New York panels of JAMS International, and is also on the panel of arbitrators for the Singapore International Arbitration Centre.
Mr Rogan was Ince & Co’s senior partner between 2000 and March 2008. In addition, as a result of the experience he gained during his period as senior partner, he is well placed to handle all types of disputes that may arise in professional practices.
He has been distinguished as a leading insurance and reinsurance lawyer by Chambers and Partners, UK Legal 500 and Who’s Who Legal, and he was named ‘Global Insurance & Reinsurance Lawyer of the Year’ in the 2012 Who’s Who Legal Awards.
Who’s Who Legal describes him as ‘a truly outstanding individual’. Another interviewee also mentioned that ‘he is unrivalled for this line of work anywhere else in the world’. He is nominated for his arbitration and mediation practice. Chambers and Partners notes that he is ‘a deeply experienced insurance practitioner.’
The publisher acknowledges and thanks the following for their learned assistance throughout the preparation of this book: