Topic: Climate Change

SEC and NAIC Take Affirmative Steps To Address Corporate Disclosures Regarding Climate Change

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. 

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Climate Change as a Risk Facing Insurers Drops in Importance

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.” 

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PERILS AG: European Catastrophe Data Company Established

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. 

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New York Attorney General Reaches Agreement With Energy Company To Require Disclosure Of Financial Risks Of Climate Change To Investors

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. 

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TODAY’S WEBINAR: Insurance Implications of Climate Change

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. 

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August 28 EAPD Webinar: Insurance Implications of Climate Change

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. 

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Senate Debates Global Warming Bill

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. 

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Insurers Questioned On Use Of Rate Model Assuming Increase in Weather Related Catastrophes

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. 

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