Category Archives: Climate Change

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Could Hydrofracking Cause Cancer?

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Hydraulic fracturing (hydrofracking), or the fracturing of rocks far below the earth’s surface for the recovery of oil and natural gas, has become a hot topic of conversation among conservatives, liberals and environmentalists, to name just a few interested parties. And most would agree — fracking is a controversial issue.

Environmentalists denounce the idea because of the risks posed to not only the environment, but also to humans.

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In fact, a recent Democratic report states that millions of gallons of hazardous chemicals and known carcinogens were injected into wells by leading oil and gas service companies.

Between 2005 and 2009, drillers injected 32 million gallons of fluids containing diesel into wells in 19 states, an investigation by Representative Henry A.

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Waxman (D-Calif.) concludes. Just as it recovers its footing from the 2010 Gulf of Mexico oil spill, the Administration faces a new threat, again involving a risky drilling technology and charges of lax regulation. Obama is “evaluating the need for new safeguards for drilling,” says White House spokesman Clark W. Stevens. “It’s likely that the science is going to say we need to regulate fracking,” says Tyson Slocum, director of the energy program for Public Citizen, a liberal advocacy group.

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“But Obama’s political team is going to say don’t regulate, and I think the political team will win.”

Though the Democratic report may ignite a firestorm, there are some who truly believe in the benefits of fracking. Scientists claim that switching to natural gas, the cleanest of the fossil fuels, could help slow the approach of climate change by cutting carbon dioxide emissions by 17%.

So with growing criticism towards fracking, but staunch supporters of the gas extraction method, we are left to make our own conclusions. Do the risks outweigh the benefits?

Check out the June issue of Risk Management for an in-depth article on the risks fracking presents to the insurance and reinsurance industry.

No More Bees, No More Man?

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Though there has been widespread media coverage of the massive die-offs of birds and fish throughout parts of the United States, there has also been a die-off of another species that has received less attention. The bumblebee population, not only in North America but around the world, has been dropping drastically since the mid 1990s. According to a three-year study of 73,000 museum specimens performed by the National Academy of Sciences, the population of four species of bumblebees has declined up to a worrying 96%.

Bees, who needs them? Everyone, actually. We are dependent on the buzzing creatures to pollinate the world’s food crops. “If the bee disappeared from the surface of the globe, then man would only have four years of life left. No more bees, no more pollination, no more plants, no more animals, no more man.” It has been said that Albert Einstein was the source of that dread-filled quote, though others argue its merits.

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The source of the quote may be arguable, but what’s not arguable is the situation the world would be in if bees even come close to making the endangered species list.

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Like honeybees, bumblebees rely on pollen as a source of protein and are widely used, and favored as opposed to honeybees, as pollinators for several multibillion-dollar commercial crops, such as blueberries, apples and tomatoes, along with various nuts and grains. Crops used as cattle and pig feed are also dependent on bees. In fact, bees are vital to the success of approximately 90 crops worldwide and one-third of the food we eat.

The problem is, researchers are unable to pinpoint a direct cause of the die-off. Some have pointed to the increasing use of pesticides, while others blame an exotic disease or a genetic malfunction. For the agriculture industry, the best risk management for now may be to put their resources towards finding the cause of the declining bee population and a possible solution . . . and fast.

D&O Liability and Climate Change

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With climate change increasingly becoming a hot-button issue in courtrooms and among regulators, the risk that directors and officers may become the targets of  lawsuits based on their companies’ climate change-related disclosures is becoming more likely. In an online-exclusive article for Risk Management, attorneys William Passannante and Alex Hardiman of Anderson, Kill & Olick examine this issue and offer some insight into how companies should respond to this growing threat.

The increased regulatory activity and private litigation activity surrounding the climate change issue suggests future increased liabilities. While the treatment of liability for climate change related issues by the courts and governmental entities is in an early stage of evolution, the liability and regulatory machinery are grinding forward. Ensuring that corporate indemnities and insurance are in place to respond is an important step.

For more on this emerging risk, read the complete article, only on RMmagazine.com.

Groundbreaking Flood Models for Latin America

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Willis Re has introduced long-awaited flood models for Latin America through their research arm Willis Research Network (WRN). The models focused on large event scenarios for key cities such as Sao Paulo, Santiago and Bogota.

“The flood models provide South American insurance and reinsurance firms, as well as local governmental organizations, with new information that helps to identify and manage their exposure to flash floods caused by heavy rains and riverine overflow. Related results will be available for individual companies as well as the market as a whole and will have implications on planning, reinsurance and risk mitigation.”

The news was presented during the Geneva Association‘s 2nd Climate Change and Insurance meeting held in Sao Paulo last month by Dr. Juan Enlgand of Willis Re, who stated that these models might be used to consider the potential impact of climate change.

These models are greatly needed to say the least. Last year, floods and mudslides in Brazil caused 44 deaths and an estimated $1 billion in damages. In April, more than 250 died in Rio de Janeiro after torrential rains caused massive flooding and landslides. In June, more flooding in Brazil killed at least 41 and left more than 120,000 homeless. As Margo Black, CEO of Willis Re Brazil commented:

“Urban flood risk is an acute concern for Latin American re/insurers who have been challenged by growing losses and the lack of models to guide risk management.”

With Willis Re’s new models, it is hoped that future losses from almost-certain floods will be lessened in the ever-growing, major cities of South America.