10 Years of the Insurance Act 2015: Survey report

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This year marks the 10-year anniversary of the Insurance Act 2015 (the Act) receiving royal assent, which paved the way for the most significant reform in insurance law in the UK in over 100 years.

The Act was welcomed at the time by industry players as bringing commercial insurance law in the UK up to date with the realities of the modern world and heralded as a tool to combat the perceived imbalance in the law in favour of insurers.

To mark the anniversary and to see what impact the Act has had on both the placement of policies and the handling of claims from the policyholder perspective, we conducted a survey among risk managers and have analysed the results with the help of leading global law firm, Herbert Smith Freehills Kramer. We repeated some of the questions that we posed in a survey we ran in 2015 before the Act came into force, and it has been interesting to compare and contrast the results.