Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Insurance Litigation Apppointed to Top Global Board

A top insurance lawyer with Duncan Cotterill's Wellington office, Mr Scragg has
recently retired president of the New Zealand Insurance Law Association
(NZILA).

In an exclusive interview with legal website LawFuel, he spoke about the development of litigation funders in the New Zealand market, saying it was something insurance companies are watching closely because the insurers will be "on the receiving end of funded claims."

Mr Scragg said that there is some nervousness in the insurance market where there could be a perception that some funders are simply out there looking for and potentially stirring up litigation to fund, as an investment opportunity.

He concedes however that funders have a role to play in the market with a particular focus area for many funders being the idenfification of potential class actions which without third party funding, may not otherwise find
their way to Court.

Mr Scragg says funded claims, and class actions, are a real growth area with New Zealand so far having largely avoided some of the some of the major systemic issues in the financial markets and elsewhere that have lead to class action claims overseas.

“I now think we are seeing a perfect storm for the insurance market in New Zealand: the potential for a significant increase in the number of litigated claims, and the size of those claims, due to the presence of litigation funders and people being more prepared to take action in the Courts to pursue their rights, including through class actions.” major systemic issues in the financial markets and elsewhere that have lead to class action claims overseas"

He also spoke about rising costs of professional indemnity insurance and other
key issues facing lawyers and others in New Zealand

The full interview with Jonathan Scragg may be seen here.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

NIWA: Scientists Say Methane Emitted By Humans ‘vastly Underestimated’

NIWA researchers have helped unlock information trapped in ancient air samples from Greenland and Antarctica that shows the amount of methane humans are emitting into the atmosphere from fossil fuels has been vastly underestimated... More>>

ALSO:

SMC Expert Reaction: Record Dry Spells And Effects On Forests

With no rain forecast before Sunday, Auckland is about to break a record for the city's longest dry spell. Niwa says Auckland is likely to hit 40 consecutive days without rain this weekend . The upper North Island is seeing severe meterological ... More>>

ALSO:

Reserve Bank: Official Cash Rate Remains At 1.0 Percent

The Monetary Policy Committee has decided to keep the Official Cash Rate (OCR) at 1.0 percent. Employment is at or slightly above its maximum sustainable level while consumer price inflation is close to the 2 percent mid-point of our target range. ... More>>

ALSO:



Science Media Centre: Novel Coronavirus Detected In China – Expert Reaction

The virus was detected after more than 40 people were hospitalised with pneumonia in Wuhan City, China and the outbreak traced to a large animal and seafood market. The Centers for Disease Control and Prevention reports that person-to-person transmission ... More>>

ALSO:

Science Media Centre: Flooding could release toxic gas – Expert Reaction

A chemical substance known as ouvea premix stored at an old paper mill in Mataura could release toxic ammonia gas if it comes in contact with water.More>>

ALSO: