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RECENT INSURANCE AND REINSURANCE NEWS

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"How the Insurance Industry Could Bring Down Fossil Fuels; Harvard Business Review"


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The Rising Tide of Climate Litigation Worldwide
Over the last couple of years, many insurers and reinsurers have dropped coverage to organizations that support fossil fuels. As you will read in the highlighted paper, this is happening for at least two reasons; sustainability and economics.

On the economics front, one of the trends that keeps the claims department up at night is demonstrated in the above graph. Climate related lawsuits are dramatically trending up, but the greater fear is what is yet to come. As precedent is set and awards are gained, there will inherently be a volume of litigation that may appear as a tsunami against the historical wave of asbestos liability.

Below, you will find a link to a paper by Zelle, LLP that explains how climate related lawsuits could follow the form of tobacco suits.
Thank you for taking time to read through our newsletter.

While this year (and the one before that) has been challenging, it has also provided us with new opportunities. Paradigms have changed and we will continue to see evolution in the marketplace. As the value chain of insurance and reinsurance continues to adjust, it will become only stronger.

Have a great new year.

With our kind regards,

John West,
Director, Newsletter Editor and Social Media Chair
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This Newsletter is a compilation of source material of interest to IRUA members and the reinsurance community. The cited material is not published in this Newsletter nor by IRUA. Web addresses of the source articles material are cited herein. Readers are cautioned to observe copyright restrictions set forth in the published and the source material. References are provided for informational purposes only and do not constitute endorsement of any websites or other sources.

The views contained in the source materials are those of their respective authors and not necessarily the views of IRU Inc., its members, officers or representatives.
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