Climate Change and the Reinsurance Implications: Insurance Journal

Climate Crisis - Insurance Risks

"Climate change presents “high exposure risk” to insurers and their policyholders on many fronts:

General liability claims for third-party bodily injury and property damage, directors and officers claims for a company’s failure to properly disclose climate-related or failure to align its business model with a low-carbon future and first-party loss, including business interruption.

To date, there have been minimal coverage actions relating to climate change, but expect that to change given the increasing number of underlying lawsuits and related activity, “coupled with the staggering liability that is at stake."

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Brace for impact - climate change litigation is fast approaching : The Canberra Times

"Under the current legal regime, company directors may only be liable if found to be in breach of their duty of care or for failing to address a foreseeable risk. However, guidance from case law suggests that it is difficult to establish that the actions or omissions of a particular entity or director caused or contributed harm to be suffered by another. With the arrival of climate change litigation 2.0, this will all change. 

 

Supporters US federal courthouse, climate change lawsuit

There is a rising wave of climate change-related litigation globally which is headed for Australia ... it will sink Australia, unless drastic measures are implemented."

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EJA: Response to ASIC report on climate risk disclosure

By Madeleine Egan    September 20, 2018

"Today ASIC released its report Climate risk disclosure by Australia’s listed companies. ASIC reiterated that the law requires the directors of a listed entity to publish an Operating and Financial Review in an annual report that includes a discussion of climate risk when it could affect the entity’s achievement of its financial performance or disclosed outcomes."

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