Topic: Climate Change

The UK’s PRA Assesses Climate Change Risks to the Insurance Industry

On September 29, 2015, the Bank of England’s Prudential Regulation Authority (“PRA”) issued a report analyzing the impact of climate change on the UK’s insurance sector. The report was based on survey responses from thirty PRA regulated insurance companies, four roundtable discussions with representatives from the insurance industry and discussions with stakeholders knowledgeable about the insurance industry.

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Connecticut Now Requires Insurers to Report on Steps Taken to Handle Climate Change Risk

On July 17, 2013, the Connecticut Insurance Department (the “Department”) announced that it is requiring Connecticut-based insurers writing annual premiums of more than $100 million in 2012 to complete an annual Climate Risk Survey (the “Survey”). According to the Department’s press release, 110 insurers meet the requirement criteria and must complete and submit the Survey by August 30, 2013. 

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European Insurer Issues Press Release Addressing the Impact of Climate Change on Claims

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. 

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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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