Climate Liability Risk Landscape
Climate change is often seen only as a concern for property insurance. That is no longer the case. Casualty insurance has seen growing losses in the United States with significant potential for large scale losses.
During the September 14th presentation, Casualty Insurance Risk and Climate Change, Praedicat’s CEO, Robert Reville, Dr. Adam Grossman, VP of Emerging Risk, and Stephen Jones, General Counsel, joined RVS Monte Carlo 2021 to discuss the history of climate change litigation, including recent cases. They examine three areas of risk for casualty insurance: direct litigation against industries responsible for greenhouse gas emissions, secondary effects litigation for failure to protect against climate-related risks, and proxy litigation over related harms intended to change corporate behavior. They discuss scenarios and the modeling of these risks, provide quantitative estimates, and share their perspectives on how these trends have the potential to generate losses with a significant industrial footprint in casualty, and to generate both cross-line (D&O, environmental and GL) and cross-class (casualty and property) losses for insurers, and some legacy exposures that exist.
Watch the full presentation below.
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