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Yong Pung How School of Law

[24 Oct] Seminar - Insurance Reform: Confronting Risks In Practice

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Supported by Allen & Gledhill LLP

 

 

SYNOPSIS

Whether an individual or a business we are dependent on insurance more closely than we often appreciate. It is also a fact that insurance is, as some call it, a strange product. It may mistakenly be confused with gambling, although some resemblances appear to be unavoidable: There seems to be a disparity between what the assured pays to and what can be recovered from the insurers. In principle, whether it has been paid, and the amount of the premium play hardly any role in the assured’s recovery which instead depends on: (1) the assured’s bad luck, (2) the way the bad luck has occurred, and (3) whether these two will match what the insurance contract provides- which tends to be rather arcane.

Insurance contracts are realised mostly in hindsight and frustratingly, after the risk has occurred. Disputes on insurance claims almost always arise out of the insurer’s refusal to pay for the assured’s loss. If the insurer is legitimately entitled to reject the claim where there is an actual loss, one might question what an insurance contract is for? Do ‘reasonable’ expectations of the parties play any major role in the determination of the insurer’s liability? If nothing can restrospectively be done to avail a recovery, are there any other ways to manage the risk under the insurance contract?

The abovementioned and many other related questions require to delve into mainly three aspects of insurance relationships: The assured’s control over his bad luck: whether it can be either prevented or mitigated, the insurance intermediaries’ role in shaping the contractual terms and the enforceability of some certain insurance conditions. The last point invites further considerations in relation to statutory and judicial controls over what the insurance contract provides.

In this talk, by going through step by step the anatomy of insurance contracts, Professor Gurses will point out where the issues tend to arise and  whether, and if so how, they could be managed so that frustrations for both sides of the contract can be avoided. This broad overview will underline the legal principles and business considerations that govern the relationship between the assured and the insurer. Moreover, Professor Gurses will allude to what difference some certain control over insurance contract terms can make in the outcome of an insurance dispute. Finally, Professor Gurses will call attention to why insurance brokers’ role in managing the relationship between the assured and the insurer should not be underestimated.  

 

SPEAKER

Professor Ozlem Gurses
Allen & Gledhill Visiting Professor, 
SMU Yong Pung How School of Law
King's College London

Özlem Gürses is a professor of law at King's College London. She specialises in insurance and reinsurance law. She is the author of numerous articles and books written in these areas. Her publications include Insurability of Emerging Risks: Law, Theory and Practice (co-edited with Professor Baris Soyer, Hart Publishing, forthcoming 2025), Research Handbook on Marine Insurance Law, (Edward Elgar, 2024 ed), Marine Insurance Law, (Routledge, 3rd ed, 2023), The Law of Compulsory Motor Vehicle Insurance (Informa, 2019), Reinsuring Clauses, (Informa 2010). Özlem is also editing Vol 4 (Marine Insurance Law) of the Edward Elgar Encyclopaedia on Maritime and Oceans Law. 

Özlem sits in the Presidential Council of International Insurance Law Association/Association Internationale de Droit des Assurances (AIDA), and she chairs the Reinsurance Working Party of AIDA. She is also a Committee member of the British Insurance Law Association and presents BILA’s Annual Lecture, chairs the BILA Law Review sub-committee and organises BILA events with the other members of the programme sub-committee.

 

About Allen & Gledhill LLP

Allen & Gledhill is an award-winning full-service South-east Asian law firm which provides legal services to a wide range of premier clients, including local and multinational corporations and financial institutions. Established in 1902, the Firm is consistently ranked as one of the market leaders in Singapore and South-east Asia, having been involved in a number of challenging, complex and significant deals, many of which are the first of its kind. The Firm’s reputation for high-quality advice is regularly affirmed by the strong rankings in leading publications, and by the various awards and accolades it has received from independent commentators and clients. The Firm is consistently ranked band one in the highest number of practice areas, and has the highest number of lawyers recognised as leading individuals. Over the years, the Firm has also been named ‘Regional Law Firm of the Year’ and ‘SE Asia Law Firm of the Year’ by many prominent legal publishers. With a growing network of associate firms and offices, Allen & Gledhill is well-placed to advise clients on their business interests in Singapore and beyond, in particular, on matters involving South-east Asia and the Asian region. With offices in Singapore, Myanmar and Vietnam, our associate firm in Malaysia (Rahmat Lim & Partners), and regional capabilities in Indonesia and China, Allen & Gledhill has over 650 lawyers in its network across the region, making it one of the largest law firms in South-east Asia.

This event is supported by Allen & Gledhill LLP.
 

About SILE's Continuing Professional Development Scheme

This programme is an Accredited CPD Activity under the SILE’s CPD Scheme. Participants who wish to obtain CPD Points are reminded that they must comply strictly with the Attendance Policy set out in the CPD Guidelines. For this activity, this includes signing in on arrival and signing out at the conclusion of the activity in the manner required by the organiser, and not being absent from the entire activity for more than 15 minutes. Participants who do not comply with the Attendance Policy will not be able to obtain CPD Points for attending the activity. Please refer to http://www.sileCPDcentre.sg  for more information.  

 


 


 

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Register Button
Registration will close on 21 October 2024.    
 
 

24 October 2024, Thursday   
 

 

9.45am     
Registration

10.00am     
Presentation by    
Professor Ozlem Gurses
King's College London

11.00am     
Q & A 

11.15am     
End of Seminar     

 

Singapore Management University    
Yong Pung How School of Law    
Level 2, Seminar room 2.02
55 Armenian Street    
Singapore 179943    
 

 

1 point 

 

Corporate/Commercial

 

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