The finance and insurance industry is the largest single industry sector in Australia. It is no surprise that policies covering financial market participants represents a large portion of most insurers’ portfolios. However financial institutions risks carry particular requirements, necessitating a specialist approach.
Our market-leading expertise in the financial institutions sector assists our insurer clients to manage claims, develop products and, most importantly, remain profitable, when writing risk in this key area.
Australia’s key insurers have benefited from our specialist industry experience including our:
- Detailed knowledge of the finance industry, including thorough knowledge of even the most complex financial products
- Detailed knowledge of the insurance market underwriting financial institutions
- Experience in specialised jurisdictions dealing with financial institutions claims (most particularly FOS – the Financial Ombudsman Service)
- In-depth and up-to-date knowledge of the legislative and regulatory regime affecting financial institutions
- Experience in acting in all Australian jurisdictions, including in defending shareholder class actions.
Financial institutions claims also often generate complex coverage and policy interpretation aspects. Our experts have assisted primary and excess-layer insurers negotiate a potential minefield of issues on financial claims including our:
- Advice on the impact of limited exclusions on multi-faceted claims
- Management of claims likely to exceed the limit of cover under the policy (including where multiple insureds have conflicting needs under the policy)
- Management of ‘bulk notifications’ with a view to responding to future claims
- Advice on advance of defence costs in claims alleging fraud or dishonesty
- Experience in dealing with insolvent insureds.
Moray & Agnew specialises in insurance work and acts for all the major Australian insurers. Names to note in Geoff Connellan’s team include … Suzanne Wallace, who wins plaudits for her ‘vast knowledge of insurance legislation’.
Legal 500 Asia Pacific, 2017