Insurance provides protection against events that are inherently uncertain at an individual level. Insurance involves a transfer of risk from an individual or business to third parties, who pool various risk exposures together. Insurance is made available by a large number of providers who offer insurance against a vast array of different types of risk exposure. These range from retail customers insuring their cars or homes, to complex areas such as cyber risk or space risk for commercial clients.See Lloyd’s of London (2021), ‘What we insure’. Such risk is underwritten through insurance contracts. Much of this business, along with many associated supporting services, is internationally mobile in nature.
3.1: Introduction 3.2: The economic value created through the UK legal services ecosystem 3.3: The economic value created for the UK as a whole -3.3.1: English law as a global market standard -3.3.2: Agglomeration effects -3.3.3: Reduced transaction costs for UK businesses trading internationally 3.4: The choice of law and legal services for internationally mobile transactions
4.1: Introduction 4.2: English law provides significant value to the UK economy -4.2.1: Maritime sector -4.2.2: Commodity trading -4.2.3: ISDA swaps and derivatives -4.2.4: International insurance contracts -4.2.5: The value of English law to the UK economy is significant 4.3: Risks and opportunities 4.4: Future opportunities for the use of English law represent significant potential value to the UK
Chapter A1: English law underpins significant value through internationally mobile transactions: four examples
A1.1: Maritime sector -A1.1.1: Size of the market -A1.1.2: Overview of governing laws -A1.1.3: Risks and opportunities A1.2: Commodity trading -A1.2.1: Size of the market -A1.2.2: Overview of governing laws -A1.2.3: Risks and opportunities A1.3: ISDA swaps and derivatives -A1.3.1: Size of the market -A1.3.2: Overview of governing laws -A1.3.3: Risks and opportunities A1.4: International insurance contracts -A1.4.1: Size of the market -A1.4.2: Overview of governing laws -A1.4.3: Risks and opportunities