Insurance law tomorrow

Australian perspectives on global insurance markets

In mid-2017, the Australian Bureau of Statistics revealed that almost a third of sampled businesses are using commercial cloud computing services.  This year, Gartner reported Australian businesses will spend $4.6 billion on cloud services (an 18.5% increase from last year). Below we highlight some of the risks for businesses associated with the use of cloud services and provide tips to mitigate some of those risks. Vendor lock-in Some cloud service providers can make it difficult…
Think of one of the greatest nightmares of your professional life. For the management team of a corporation and their in-house counsel, there are few more nightmarish days than when they receive a call from the IT department reporting unauthorised activity in the company’s databases. Over the next few days, the fog lifts and it becomes clear that the company has been the subject of a cyber-attack and personally identifiable data of its customers or…
Following our previous blog article on the facts and myths surrounding class actions in Australia (you can catch up and read it here), in this second part of the two-part blog series, we discuss the implications of the growth of shareholder class actions for the local D&O market in a Q&A style. Q: Which type of class action is the most prevalent and poses the most risk? A:  Although we have seen the class…
With the two Law Reform Commission inquiries into class actions and litigation funders, the highly publicised class actions such as GetSwift, and the growing presence of litigation funders in Australia, it’s almost impossible to avoid the discussions about Australia’s class action landscape – And you can bet that the spotlight on class actions will only grow brighter over the coming months. In this two-part blog series, we: (1) provide a Q&A to separate the facts…
As we have previously reported, the Australian Law Reform Commission (ALRC) is in the midst of conducting an Inquiry into Class Action Proceedings and Third-Party Litigation Funders.  The ALRC is to deliver its report on 21 December 2018. Class actions are now considered one of the greatest risks to corporations in Australia, with resulting increases in D&O insurance premiums being seen in the market.  Gone are the days of yesteryear, when class actions were…
The recent collapse of a 50 year-old suspension bridge in Genoa Italy is a stark reminder of the devastating impact that failed infrastructure projects can have. Roads and rail, hospitals and schools, airports and stadiums: there’s no doubt Australia is going through a turbulent infrastructure boom, perhaps its biggest yet. The Federal government has announced more than $75 billion in infrastructure projects across the nation over the next 10 years. The only catch? Australia is…
The Full Court of the Federal Court in the last couple of weeks considered a question that by some has been considered a “sleeper issue” which had not previously received judicial attention. The question was whether a final adjudication clause in a conduct exclusion prevents Underwriters from relying on their statutory right to avoid a policy for fraudulent non-disclosure. If the answer was “yes” Underwriters would be required to advance defence costs until a finding…
As many readers know, the Notifiable Data Breach Scheme (NDB Scheme) came into force on 22 February 2018.  It has resulted in changes to Australia’s privacy law in relation to notification obligations on individuals and organisations that experience an eligible data breach. The Office of the Australian Information Commissioner (OAIC) recently released its second quarterly report in relation to data breaches notified under the NDB Scheme between 1 April and 30 June 2018.  The OAIC…
On 11 December 2017, then Attorney-General of Australia, Senator the Honourable George Brandis QC, asked the Australian Law Reform Commission (ALRC) to consider whether and to what extent class action proceedings and third party litigation funders should be subject to Commonwealth regulation. The inquiry is set against the background of: (a)      The increased prevalence of class action proceedings in Australian courts; and (b)      The important role that litigation funders of class actions and other…
Global litigation funder IMF Bentham Ltd (IMF) has launched a representative complaint with the Office of the Australian Information Commissioner (OAIC) seeking, amongst other things, financial compensation for alleged breaches of the Privacy Act 1988 (Cth) by Facebook Inc (Facebook). The action relates to unauthorised access to over 87 million Facebook users’ data by political consulting firm, Cambridge Analytica. The class action has the potential to be formed by over 300,000 Australian class members who…