Tag Archives: Climate Change

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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.

The Insurance Industry and Climate Change

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This morning, AIR Worldwide, in collaboration with the the U.

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K. Met Office and the Association of British Insurers (ABI), released their findings on the financial implications of climate change to the insurance industry.

The report, “Financial Risks of Climate Change,” focuses on insured risks in both the U.K and China from dominant natural hazards in those areas, including inland flooding, winter windstorms and typhoons.

Results from the study include:

  • The average annual insured inland flood losses in Great Britain could rise by 14 percent assuming a global temperature rise of 4°C (39 degrees Fahrenheit). Within Great Britain, the results vary by region (increases range from less than 10 percent to nearly 30 percent).
  • The insured inland flood loss in Great Britain occurring on average once every 100 years could rise by 30 percent. The insured inland flood loss occurring on average once every 200 years could rise by 32 percent.
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    In both cases, the estimates assume a global temperature rise of 4°C.

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  • The average annual insured losses from typhoons affecting China could increase by 32 percent; the 100-year loss could increase by 9 percent, and the 200-year loss could increase by 17 percent. In all cases, the estimates assume a global temperature rise of 4°C.The average annual insured inland flood losses in Great Britain could rise by 14 percent assuming a global temperature rise of 4°C. Within Great Britain, the results vary by region (increases range from less than 10 percent to nearly 30 percent).

“The earth’s climate system is constantly changing,” said Dr. Peter Dailey, assistant vice president and director of atmospheric science at AIR Worldwide. “Not only does a change to any component of the system influence the risk from natural catastrophes, but the interactions between components bring about an inherent uncertainty surrounding how climate will evolve in the future. By conditioning our models on future climate scenarios developed by leading climate researchers at the Met Office, the study we have conducted on behalf of the ABI advances our understanding of the relationship between these complex climate relationships and insured risk.”

The research brings together unique climate model projections with state-of-the-art catastrophe models. And as we’ve recently seen with Typhoon Ketsana, which demolished parts of China, the Philippines, Cambodia, Vietnam and Laos and killed almost 700 and caused more than $1 billion in damage — research in this area is greatly needed. Nothing can stop Mother Nature, but cat models can help prepare for her wrath.
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