Insurance and reinsurance law

Solicitors who practise in the area of insurance and reinsurance (the latter is, simplistically, insurance for insurers) generally act for insurers or reinsurers who have underwritten risks and require advice on claims being made by their insureds. Solicitors may also act for insured parties who have had their claims rejected by their insurers.

Graduate careers in insurance and reinsurance law

The disputes dealt with by City law firms tend to be complex, high-value disputes between large corporations and their insurers or between insurers and their reinsurers. Work can cover issues as varied as natural disasters, such as the 2011 Japanese earthquake, and asbestos-related illness. Usually, three or four lawyers will work on any given case – a partner, one or two associates and a trainee – although very large cases can involve larger teams.

The first task for an instructed solicitor is to review the client’s documents to assess whether the claim in question should be paid to the insured. As the volume of documents is often large, this can take several months. If the claim is refused, and the claim progresses to litigation or arbitration, the dispute can continue for several years.

Work is largely office based and can involve travel to visit clients (many insurance companies are based in other jurisdictions, notably Bermuda) as well as witnesses and experts. In common with many areas of commercial law, marketing – which can involve presenting seminars and workshops as well as meeting clients for drinks and dinners – is an important part of the job as you become more experienced. That said, working hours are typically 9.00 am until around 6.00 or 7.00 pm, with the usual increase as deadlines for cases approach. Insurance law in England and Wales is currently under review by the Law Commission – the commission is currently working through the law in relation to misrepresentation and nondisclosure, and breach of warranty. The eventual outcome of this review could have a significant impact on the insurance industry.

The world of insurance and reinsurance can be daunting to begin with, as it is a highly technical area, with its own specialised terms and intricacies. However, once a solicitor has become familiar with the insurance market, it is an intellectually stimulating and varied area in which to practise.

Is insurance and reinsurance law recession-proof?

The ongoing recession has not affected insurance litigation as negatively as some other areas of law. As times become tougher for companies, it is not uncommon to see more claims on insurance policies and more disputes arising out of such claims – the insurance litigation sector is currently quite buoyant.

What skills does an insurance and reinsurance law solicitor need to do the job?

• Analytical ability.
• Attention to detail.
• Commercial awareness, to gain a sound understanding of the insurance market.

What is it like doing a trainee solicitor's job in insurance and reinsurance law?

Trainees will work closely with their supervisors – a partner or senior associate – and will be involved in all aspects of a case. Their work can include document review, taking notes of meetings, drafting correspondence with the client and other side, and undertaking legal research. Whenever possible, trainees are encouraged to become fully involved with a case and take on as much responsibility as possible.

Types of law practised

• Contract.
• International.
• Tort.

About the author

Mark Everiss is a partner in the insurance and reinsurance department at EDWARDS WILDMAN PALMER LLP.