Class Actions in Australia: Issues for Insurers in 201722 December 2016 | Class Actions
Much has been written on the subject of class actions in Australia. However, little consideration is given to how class actions specifically affect insurers. There has been little consideration of the increasing impact of litigation funding or how the duty of good faith affects the conduct of insurers involved in class actions. Furthermore, there has been no real examination of the cost of class actions to insurers and the consequential impact on underwriting.
The reality is that class actions in Australia are becoming more common and increasing in value, due to the growing number of:
- Australian jurisdictions with class action proceedings regimes
- Litigation funders (and alternative funding sources)
- Law firms seeking to be involved in class actions.
Richard Leahy is a partner in Barry.Nilsson.'s Insurance & Health Law team, and in his paper; Class Actions in Australia: Issues for Insurers in 2017, he discusses the following issues surrounding class actions:
- How the duty of good faith impacts on the conduct of insurers in class actions
- The cost of class actions
- The impact of class actions on underwriting strategies
- The difficulty of reserving for class actions.
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