GL TRENDS UPDATE
Welcome to GL Trends – Towards 2022
Analysis of recent case law shows the number of environmental prosecutions is also increasing, particularly in the mining and waste industries. This is an area in which we expect to see significant regulatory developments as managing pollution will remain a focus for governments at all levels. Manufacturers, suppliers and retailers are facing heightened product liability risks due to recent regulatory activity and developments in legislation and case law. In this space, there has also been a concerning number of businesses taking advantage of the COVID-19 outbreak, which we expect will lead to increased product liability claims. Many other pandemic-related issues are yet to play out for insurers, including construction liability waivers, mandatory vaccinations, mental health exposures and property access issues. Concern is also growing around several significant liability risks being seen globally, including supply chain risks and the rising impact social inflation is having on claims generally. We will continue to bring you further updates and new developments as they arise. If you would like to discuss any of the articles in this update, please contact one of W+K’s General Liability partners.
2021 presented the general insurance industry with many uncertainties. Our 2020 GL Trends Report foreshadowed several trends that have impacted, and continue to impact, the general liability market in Australia and New Zealand, including historical abuse claims across different sectors, concussion and its impact on sport, as well as COVID-19 risks as they were developing. In our latest GL Trends Update, we look at several general liability trends strengthening or emerging in 2021 that are likely to continue to impact insurers, underwriters and brokers in 2022. The construction sector continues to experience on-going significant liability exposures. These include emerging risks relating to flooding, defect claims associated with reclaimed land, a critical shortage of building materials, as well as a high volume of construction-related personal injury claims. Climate change risks remain a hot topic given the high levels of political, public and media attention on this global issue. Australia is one of the most active jurisdictions for climate litigation in the world and liability insurers will need to monitor duty of care decisions that may have broader application.
CONTENTS
• Construction Risks & Injury Claims • Climate Change Risks • Environmental Liability • Product Liability Risks • COVID-19 Risks • Global Supply Chain Risks • Social Inflation • W+K Key Contacts
Charles Simon Partner, General Liability Product Line Leader
T: +61 2 8273 9911 charles.simon@wottonkearney.com.au
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