Insurance & Reinsurance
Whether we are advising on insurance policies or reinsurance coverage, defending claims, pursuing recoveries, or dealing with complex regulatory issues, the unmatched depth of expertise and breadth of experience within our insurance and reinsurance team ensure our clients enjoy a service of the very highest quality. Quite simply, no law firm in Singapore understands the insurance industry better.
Led by lawyers with over 20 years’ experience in the industry, this specialist team provides a full range of services, including:
- Advising on and drafting insurance and reinsurance policies, treaties, intermediary arrangements and distribution agreements
- Claims and recoveries before domestic courts and arbitration tribunals
- Corporate (acquisition or sale of insurance and reinsurance businesses), regulatory and licensing aspects in relation to both the general and life insurance business.
Cutting edge advice
Our clients rely on our in-depth knowledge of the industry for cutting-edge advice and effective solutions. On the claims and recoveries front, our lawyers’ involvement in almost every high-profile dispute and landmark case provides reassuring proof of our position as leading insurance and reinsurance specialists.
In-depth knowledge, regional reach
Above all, the strength of this practice is built on our in-depth first-hand knowledge of the insurance industry, and the exceptional talent and commitment of a team dedicated to this specialised area of law.
As well as appearing before the Singapore courts, our lawyers are regularly involved in insurance-related arbitrations across Asia, including Hong Kong, Malaysia and Indonesia.
WITHIN THIS PRACTICE
Insurance Claims and Recoveries
Time and again, our understanding of the insurance industry has given our clients the edge in handling claims. Our lawyers are regularly involved in headline claims, difficult policy issues and high profile matters.
The team has won a reputation for its work in Liability Policies, notably Business Interruption, Contractor’s / Erection All Risks, Product Liability and Professional Indemnity. Across the range of work we handle – from advising foreign reinsurers on reinsurance treaties entered into with local cedents, through interpreting difficult policy wordings, to defending or pursuing claims – our lawyers’ immense expertise enables us to provide cutting edge advice and practical commercial solutions. It’s this, above all, that marks us out as a leader in the industry.
Notable cases include:
- Acting for contractors’ insurers in the Singapore Government Inquiry for the Nicoll Highway collapse.
- Acting for insurers in the landmark High Court and Court of Appeal decisions in Stork Technology Services Asia Private Limited v First Capital Insurance Limited on the application of the condition precedent notice rule under Singapore insurance law.
- Acting for a Contractor’s All Risks insurer against its insured contractor of a skyscraper development which tilted in Singapore’s Central Business District, where the claim exceeded $66 million.
- Acting for Korean insurers in their claim against a Lloyd’s syndicate reinsurer under an open obligatory reinsurance contract in the only reported decision in the Singapore courts on reinsurance law.
Corporate and Regulatory
Well-versed in the local legal and regulatory regime, and well connected with industry-wide bodies and regulators, we are strongly placed to deliver a wide spectrum of services in corporate and regulatory insurance matters.
Our experience spans a wide range of transactions including start-ups and registration of insurance business, business transfer schemes, compliance, drafting of policy wordings and advising on innovative and new insurance products.
Recent examples of our work in this area include:
- The court approved transfers of the run-off business of Overseas Union Insurance Ltd, the active life insurance business of Swiss Life (Liechtenstein) AG Singapore and the marine insurance business of Groupama Transport, Singapore Branch.
- Drafting of policy wording for innovative medical insurance and work injury compensation policies to meet the evolving needs of the marketplace.
- Advising both local and overseas clients on the changing requirements in our regulatory and compliance regime.
The team has advised and acted for reinsurers in coverage disputes with cedents in arbitrations in the region, including Malaysia and Indonesia. We have also advised on the introduction of new insurance products in the Singapore market via facultative reinsurance and the optimal business model for foreign reinsurers to transact their business with Singapore.
Insurance Advisory and Claims
- Property & Liability – fire, all risks, bailees’ insurance, guarantee insurance, public liability, product liability policies
- Professional Indemnity – architects, builders, doctors, engineers, lawyers, financial services, insurance & reinsurance brokers
- Financial & Special Risks – credit insurance, directors & officers, jewellers block and contingency risks
Life & Investment-linked policies
- Medical, Accident & Health policies
- Marine and Aviation – hull & machinery and cargo policies
- Work injury compensation policies
- DIC, DIL, CGL and comprehensive cover policies
- Outward collections and coverage disputes
- Contentious issues – disputes under proportional (such as quota share treaty) & non-proportional treaties (such as excess of loss treaties), reinsurance contracts and retrocession agreements
Corporate Insurance & Regulatory
- Compliance and Regulatory advice for insurers, reinsurers, brokers and other intermediaries (including Lloyd’s) in relation to the Monetary Authority of Singapore and industry bodies such as the General Insurance Association and Life Insurance Association
- Establishment of new insurance and reinsurance businesses. Sale & purchase of insurance businesses
- Transfer of insurance portfolios under the Insurance Act
- Novation of reinsurance agreements