Monthly Archives: June 2024

Autonomous Vehicles and Insurance Law Principles

The advent of autonomous vehicles (‘AVs’) will disruptively transform the motor insurance sector. Traditional motor insurance in Singapore rests on the public policy of ensuring adequate coverage for all victims in road accidents. With AVs challenging the orthodox foundations of motor insurance, however, existing insurance doctrines will have to evolve to grapple with unfamiliar risks. We examine this in our article ‘Autonomous Vehicles and Insurance Law Principles: Navigating New Frontiers in Singapore’ published in the Singapore Academy of Law Journal.

Pre-judgment Interest on Liquidated and Unliquidated Sums

A creditor bringing an action will want interest too. Interest compensates for late payment. For the last 200 years, relief came from statutes. The common law did not recognize a right to pre-judgment interest. That position was relaxed in Sempra Metals v IRC [2008] 1 AC 561. Interest on debts and other claims for breach of contract were legitimised. Plaintiffs can now present claims for compound interest at common law, whereas statutory interest is always simple. Where the interval between cause of action and judgment is long and the sum is large, this is a superior option. In a recent Privy Council decision (Sagicor Bank Jamaica v YP Seaton[2022] UKPC 48), interest calculated on a compound basis was roughly 52 times greater than simple, and roughly 368 times the principal sum.