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. The report, which can be found here, has found, for example, that:
– 2006 was the second-warmest year in UK coastal waters since records began in 1870 (seven of the 10 warmest years have occurred in the last decade); and
– Models predict fewer storms but there will be a greater number of more severe storms.
Edwards Angell Palmer & Dodge has produced a guidance note on climate change, which reviews recent worldwide developments and considers potential consequences and certain legal issues that may arise for businesses. The Guidance Note can be found here.