Economic value of English law | Oxera

A1.4.2: Overview of governing laws

Published: October 5th 2021
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’.