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.
Climate Change
Insurers Questioned On Use Of Rate Model Assuming Increase in Weather Related Catastrophes
By Troutman Pepper Locke on
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 Insurers Questioned On Use Of Rate Model Assuming Increase in Weather Related Catastrophes
NAIC Considers Climate Change Measures
By Troutman Pepper Locke on
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 NAIC Considers Climate Change Measures
Zurich Financial Services Appoints Tony Blair as Climate Change Advisor
By Troutman Pepper Locke on
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 Zurich Financial Services Appoints Tony Blair as Climate Change Advisor
A New Climate Change Report is Bad News for UK Insurers
By Troutman Pepper Locke on
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 A New Climate Change Report is Bad News for UK Insurers
Sen. Lieberman and Sen. Warner Introduce America’s Climate Security Act of 2007
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 Sen. Lieberman and Sen. Warner Introduce America’s Climate Security Act of 2007
Florida’s CFO Notes that Insurers Acknowledge Danger of Climate Change
By Troutman Pepper Locke on
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 Florida’s CFO Notes that Insurers Acknowledge Danger of Climate Change
Investors Representing $1.5 Trillion in Assets Call upon the SEC to Require Full Corporate Climate Risk Disclosure
By Troutman Pepper Locke on
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.