In a recent interview with Managing IP magazine, Ian Lewis, Head of Intangible Assets, talked about the potential that exists within the rapidly expanding sector, the rationale for Arch launching into the market at this time, and his views on how the IP landscape will evolve.
Discussing the thinking behind Arch bolstering its IP market presence with the launch of a new team, Ian said that a key factor was the scale of the opportunity that the sector provided. From an insurance perspective, the market has seen annual growth of between 50%-100%, however he believes it is still only in its gestation phase.
Outlining the factors underpinning the market’s potential, Ian highlighted developments including the increase in IP-related litigation, particularly in the US, the significant growth in the size of settlements, and continuing economic uncertainty driving companies to be more protective of their IP in the face of contractual disputes. He also noted the growing number of litigation funders currently eyeing the sector.
Arch has entered the market as a lead player in terms of the size and experience of its London Market team, launching with a broad range of products, covering infringement liability, challenges to validity of rights, and IP enforcement. However, Ian discussed how moving forward, the team will look to build out its market proposition, and provide bespoke cover for specific sectors as well as develop products for new or evolving exposures.
However, he explained, for the market to truly achieve its potential, it is imperative that insurers partner with their brokers to raise awareness of the value of IP-related cover to businesses. Arch seeks to work in close collaboration with its broking partners to drive home the criticality of cover in an economic environment increasingly underpinned by intangible assets.
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