News & Analysis as of

Climate Change Insurance Industry

McDermott Will & Emery

Insurers: Climate Risk Disclosures Today, Scenario Testing Tomorrow

For more than a decade US insurance regulators have required certain insurers to file climate risk disclosure reports. In recent years, financial regulators in Europe have begun climate change scenario testing while still...more

Eversheds Sutherland (US) LLP

Highlights from the NAIC Summer 2024 National Meeting

In our recent webinar, members of the Eversheds Sutherland Insurance Practice Group discussed noteworthy developments from the National Association of Insurance Commissioners (NAIC) Summer National Meeting that was held in...more

Mintz

Congressional Democrats Press For Integration of Climate-Related Financial Risks in Insurance Regulation

Mintz on

On August 12, 2024, three Congressional Democrats (Casten (D-IL); Waters (D-CA); and Senator Whitehouse (D-RI)) sent a letter to the National Association of Insurance Commissioners (NAIC), inquiring as to “the status of the...more

K&L Gates LLP

Litigation Minute: Extreme Weather and Natural Disasters: Insurance Tips for Commercial Policyholders (ESG Litigation Series: Part...

K&L Gates LLP on

What You Need To Know In A Minute Or Less - Storms and hurricanes, isolated but powerful tornados, earthquakes, fires, and floods—the question is not whether, but where and when policyholders will confront the next natural...more

Robins Kaplan LLP

California's Sustainable Insurance Strategy: Balancing Innovation with Industry Challenges

Robins Kaplan LLP on

In the fall of 2023, California's Department of Insurance unveiled the Sustainable Insurance Strategy, a comprehensive initiative aimed at reforming the state’s insurance market. The impetus for this strategy was driven by a...more

Mintz

Significant Rise in Global Climate Litigation

Mintz on

As recently reported by Columbia Law School's Sabin Center for Climate Change Law, “the number of climate-related cases filed globally each year has increased from a handful in the early 2000s to a few hundred annually since...more

ASKramer Law

Weather & Climate Risk Management Part IV: Taxation of Weather Risk Management Products

ASKramer Law on

Are there differences in the way in which weather derivatives and weather insurance are taxed? Yes. Weather insurance products, including parametric insurance, are taxed as insurance; and derivatives are taxed in accordance...more

ASKramer Law

Weather & Climate Risk Management Part III: Regulation of Weather Risk Management Products

ASKramer Law on

Are there differences in the way in which derivatives and insurance contracts are regulated? Yes. Weather derivatives and insurance contracts are subject to totally different regulatory regimes. Derivatives are subject to the...more

ASKramer Law

Weather & Climate Risk Management Part II: Weather Risk Management Products

ASKramer Law on

In Part I of this series on weather and climate risk management, I reviewed the context within which organizations seek to manage climate and weather-related risks. With extreme weather events becoming more common, there are...more

McDermott Will & Emery

US Insurers: Climate Change Disclosure Litigation and Data Calls Await

McDermott Will & Emery on

The climate change landscape for insurers has changed dramatically this past month. There are multiple developments insurers should keep in mind – and not just the US Securities and Exchange Commission’s (SEC) recent adoption...more

J.S. Held

2024 J.S. Held Global Risk Report: Weather and Natural Disasters

J.S. Held on

The growing frequency and ferocity of major weather events and natural disasters have pushed the climate change discussion to the forefront of governments and businesses. Droughts, floods, wildfires, earthquakes, and volcanic...more

Zelle  LLP

Climate Change Litigation: What Can Liability Insurers Expect in 2024?

Zelle LLP on

Climate litigation against companies is increasing and the stakes are getting higher. Last year saw more headline-making claims being brought against corporations and a slew of important decisions from courts in...more

Hinshaw & Culbertson - Insights for Insurers

[White Paper] United States Insurance Trends and Decisions 2023

As 2024 rapidly approaches, we look back at some of the key decisions, trends, and developments impacting the U.S. insurance industry in 2023 and look ahead at some trends and cases to watch in 2024. Insurers continue to...more

Skadden, Arps, Slate, Meagher & Flom LLP

2024 Insights: Corporate Trends

Global M&A Activity Endures Headwinds in 2023 and Displays Resilience Going Into 2024 - Despite market headwinds, dealmakers have looked to carveouts, spin-offs, joint ventures and other creative deal structures to engage...more

Skadden, Arps, Slate, Meagher & Flom LLP

Climate Change and Its Undeniable Impact on Insurance: How To Respond?

Models that have historically been used by insurers to hedge risk were not designed to predict uncertain events such as natural disasters that may be exacerbated by climate change. This now leaves insurers overexposed to...more

Eversheds Sutherland (US) LLP

Federal Insurance Office announces plans for “first of its kind” climate data call on homeowners’ insurance

On November 1, 2023 the Department of the Treasury’s Federal Insurance Office (FIO) formally submitted a request to proceed with a climate-related financial risk data collection for homeowners’ multi-peril underwriting data...more

Lowenstein Sandler LLP

Policyholders Beware: Maximizing Commercial Property & Casualty Insurance in a Steadily Hardening Market

Lowenstein Sandler LLP on

Today, Eric Jesse and Heather Weaver of Lowenstein Sandler's Insurance Recovery Group sit down with executives from two major insurance brokerage firms: Josh Weisberg, Chief Risk Officer at SterlingRisk, and Brad Barron,...more

Farella Braun + Martel LLP

Regulatory Changes Underway To Address Dwindling California Property Insurance Market

We keep hearing about how difficult it is for our clients to get property insurance these days, both for homes and businesses in Northern California’s wildfire-prone areas. Which, of course, is most of Northern California. ...more

Pillsbury - Policyholder Pulse blog

Ebasco Choice of Law: A Decision Half a Century in the Making

Following the breakup of large utility holding companies by trust busters in the 1930s, General Electric created Ebasco (Electric Bond and Share Company), a construction company and consultancy that, among other things,...more

Pillsbury - Policyholder Pulse blog

Taking the Market’s Temperature on Coverage for Climate Change-Related Property Damage

Temperatures in Arizona this week reached over 110 degrees Fahrenheit. The water temperature in the Florida Keys was reported to reach sauna-like levels, threatening the life of habitat-sustaining coral. Atmospheric...more

Brownstein Hyatt Farber Schreck

Treasury’s FIO Releases Report: ‘Insurance Supervision and Regulation of Climate-Related Risks’

The Treasury Department’s Federal Insurance Office (FIO) released a report on June 26 calling on state regulators to refine efforts to evaluate climate change risks in insurance markets. The report comes amid some insurers...more

Kramer Levin Naftalis & Frankel LLP

Senate Committee Questions Insurers on Climate

Property-casualty insurers should take note of letters sent by the U.S. Senate Budget Committee on June 9 to prominent insurers seeking information on climate-related matters. The letters are available here and seek...more

Foley & Lardner LLP

Federal Advisory Committee on Insurance (“FACI”) June Meeting: FIO to Continue Focus on Macroprudential Issues

Foley & Lardner LLP on

On June 1, 2023, the Federal Advisory Committee on Insurance (“FACI”) held its June meeting. Below is a summary of the topics discussed with emphasis on areas we found particularly interesting. FACI intends to hold two more...more

Locke Lord LLP

Colorado Joins NAIC Climate Risk Disclosure Group

Locke Lord LLP on

Earlier this month, Colorado Governor Jared Polis (D) signed S.B. 16, mandating the Colorado Insurance Commissioner to adopt rules such that insurance carriers licensed in Colorado participate in the NAIC Climate Risk...more

Hinshaw & Culbertson - Insights for Insurers

What are the Insurance Implications of Proposed Anti-ESG Legislation in Texas and Elsewhere?

In a recent Law360 article, we explored some of the implications of a recently proposed anti-ESG bill being considered by the Texas legislature. However, we thought the issue merited some follow up analysis....more

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