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The New York Times is reporting on a January 8, 2010, letter from NAMIC to the NAIC responding to the request by the Climate Change and Global Warming Task force for comments on issues concerning the proposed Insurer Climate Risk Disclosure Survey. read more
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German insurer Munich Re issued a press release stating that while 2009 saw fewer natural catastrophe losses than 2008, the number of natural hazard events was above average. Munich Re reports that economic losses totaled $50 billion and uninsured losses totaled $22 billion in 2009, as compared to $200 billion in economic losses and $50 billion in uninsured losses in 2008. read more
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On October 2, 2009, as part of the 48th Annual Corporate Counsel Institute held at Northwestern University School of Law, SEC Commissioner Elisse B. Walter gave a speech entitled “SEC Rulemaking — ‘Advancing The Law’ To Protect Investors.” In her speech, Commissioner Walter touched upon the SEC’s recent work with respect to climate change disclosures, and her belief that climate change is a very serious issue. read more
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The U.S. Climate Change Science Program (CCSP), which integrates federal research on climate change and its global effect, is sponsored by thirteen federal agencies. The CCSP just published a booklet entitled “The Essential Principles of Climate Science.” read more
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On March 17, 2009, the National Association of Insurance Commissioners (“NAIC”) adopted a reporting requirement mandating that insurance companies disclose financial risks posed by climate change and the actions taken by such insurance companies to respond to such risks. read more
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The financial crisis has transformed the risk landscape for insurers and their focus on key risks. A recently published survey conducted by the Center for the Study of Financial Innovation in association with PriceWaterhouseCoopers indicates that climate change is “[l]osing its urgency as an insurance risk.” read more
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A group of European insurers and reinsurers, including Allianz, AXA, Munich Re, Swiss Re and Zurich, have established PERILS AG, based in Zurich, to collect and provide industry-wide European catastrophe insurance data. PERILS is intended to provide a service similar to that provided by Property Claims Services (PCS) in relation to US catastrophes. read more
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In a press release dated August 27, 2008, New York Attorney General Andrew Cuomo announced what is claimed to be the first-ever agreement requiring a company, Xcel Energy (NYSE: XEL) (“Xcel”), to detail financial liabilities related to climate change. The Office of the Attorney General reports that the agreement comes at a time when many power companies are investing in new coal-burning power generation that will contribute to global warming emissions. read more
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Today, Thursday, August 28, Edwards Angell Palmer & Dodge's Insurance and Reinsurance Department will host a webinar entitled "Insurance Implications of Climate Change". This 60 minute webinar will comprise a discussion of the global legal framework which recognizes the reality of climate change. read more
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On Thursday, August 28, Edwards Angell Palmer & Dodge's Insurance and Reinsurance Department will host a webinar entitled "Insurance Implications of Climate Change". This 60 minute webinar will comprise a discussion of the global legal framework which recognizes the reality of climate change. read more
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Last month, the Senate began debate on the first comprehensive climate change bill, known as the Lieberman-Warner Climate Security Act (the “Bill”). The Bill would rely on a “cap and trade” program (the “Program”) to give power plants, factories and refineries financial incentive to reduce their greenhouse gas emissions. Under the Bill, the Program would first set a cap on the total carbon dioxide emissions allowed in the United States. read more
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According to the Insurance Information Institute, the cost of homeowners insurance along the East and Gulf coasts has increased by as much as 100% since 2004. The Wall Street Journal (WSJ) recently reported that regulators and other critics contend that this increase in premiums is due in part to insurers’ use of a “computerized catastrophe model” that assumes climate change resulting in more frequent and more severe hurricanes. read more
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A white paper examining the potential impact of climate change on the insurance industry has recently been approved by the National Association of Insurance Commissioners’ (“NAIC”) Climate Change and Global Warming Task Force (the "Task Force"). The white paper is intended to begin a process of encouraging, or even requiring, insurers to address climate change risk in order to protect consumer and insurer solvency. read more
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Zurich Financial Services has announced that former UK prime minister, Tony Blair, is to advise the insurance based financial services giant on developments and trends in the international political environment. read more
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UK insurers have been subject to increasing levels of flood and storm claims in recent years. A new report from the Marine Climate Change Impacts Partnership indicates that the trend is likely to continue. read more
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Last month, Sen. Joseph Lieberman (I. CT) and Sen. John Warner (R. VA), respectively the Chairman and the Ranking Member of the Senate Environment and Public Works Subcommittee on Private Sector and Consumer Solutions to Global Warming and Wildlife Protection, formally introduced to Congress “America’s Climate Security Act of 2007”, which if enacted, would empower the Administrator of the Environmental Protection Agency to establish a Federal program whereby the Environmentally Protection Agency would have the duty and authority to reduce greenhouse gas emissions in the United States. read more
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Florida’s Chief Financial Officer, Alex Sink, recently co-authored an op-editorial for the Washington Post, noting the insurance industry’s recognition of the perils related to climate change. read more
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On September 18, 2007, a broad coalition of large institutional investors, state officials and environmental groups filed a petition for interpretive guidance with the U.S. Securities and Exchange Commission titled Request for interpretive guidance on Climate Risk Disclosure, No. 4-547.
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