Foreword
Summary
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A1
Acknowledgements
Figures and tables
Economic value of English law | Oxera

A1.4.2: Overview of governing laws

Published: October 5th 2021
Download the Report Executive Summary Funders
2.1: Introduction 2.2: Economic value is created by ‘gains from trade’—realised through transactions 2.3: The law underpins growth in the volume of transactions (and therefore the generation of economic value) 2.4: Considering the law as infrastructure on which transactions take place
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
5.1: Introduction 5.2: English law suffers from a type of ‘market failure’ 5.3: Solutions to the free-rider problem: coordination across private and public parties 5.4: How to manage the ‘provision’ of English law
Experts Funders
Chapter A1

A1.4.2: Overview of governing laws

The widespread use of English law in internationally traded insurance/reinsurance contracts is one important factor behind the economic value that the insurance/reinsurance market brings to the UK. English law is chosen to govern many insurance and reinsurance contracts globally.[1]The Law Society (2010), ‘England and Wales: The jurisdiction of choice – Dispute resolution’.

English courts have deep knowledge and expertise in international insurance matters.[2]For our engagement with stakeholders, we understand that a large number of standard London Market wordings have existed and evolved over time, such that participants know what they mean and what … Continue reading Indeed, English courts are well versed in the complex issues that can arise with insurance/reinsurance contracts and have built a well-established body of case law to address such issues. Arbitration is also a common method of resolving disputes in insurance/reinsurance contracts and such contracts usually provide for arbitration with the seat in London.[3]Thomson Reuters Practical Law (2020), ‘Insurance and reinsurance in the UK: overview’.

References

References
↑1The Law Society (2010), ‘England and Wales: The jurisdiction of choice – Dispute resolution’.
↑2For our engagement with stakeholders, we understand that a large number of standard London Market wordings have existed and evolved over time, such that participants know what they mean and what risks are or are not covered. This has helped to ensure that contract certainty (under English law) has been a key value in the London Market—one important attraction of London as a hub for internationally traded insurance contracts.
↑3Thomson Reuters Practical Law (2020), ‘Insurance and reinsurance in the UK: overview’.