By: 25 October 2023
GILC investigates changes in the product liability market

Global Insurance Law Connect (GILC) has launched the ‘Product Liability Report’. The report provides insights from 17 countries about product liability insurance. The report focuses on changes to the product liability market and predicts future developments. An increase in product liability claims is due to growing consumerism, the globalisation of supply chains and the emergence of new technology. 

Gillian Davidson, GILC’s Chair and partner at Sparke Helmore, commented: “These current and future trends in claims globally stem from a combination of consumer and regulatory pressures.” 

Gillian goes on to explain that In today’s consumer society, modernisation and innovation are crucial. However, concerns about privacy and environmental preservation are also prevelant. Additionally, increased consumer protection legislation has raised awareness of the importance of product liability insurance. 

In less mature insurance markets, product liability coverage is a relatively new and small part of the insurance landscape. However, global changes in regulations and laws are expected to make consumers and businesses more inclined to hold manufacturers, importers, and suppliers accountable for their products and services. 

The research indicates that one of the latest issues impacting product liability is AI. Gillain explains that the unprecedented growth of technology tools like AI is increasing risk. Regulators are working to introduce frameworks to protect users from those risks, but many are struggling to keep up, leading to an increase in claims. 

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Emma Cockings
Emma is a content editor for Claims Media. Emma is a experienced writer with a background in client-centric personal injury for a major firm. She has attended and reported on multiple brokerage events throughout her career.