Insurance issues and solutions: a new risk market
CONCLUSION
For insurers, liability for climate change disclosures is likely to be a key issue for D&O insurers in the near future.
The direction of travel is clear. The momentum of climate change is such that even if radical, concerted action is taken worldwide to eradicate carbon emissions and free the global economy from its dependence on fossil fuels, the effects of global warming will continue for centuries to come. Against this backdrop, the importance of climate change as a critical business issue cannot be underestimated – with implications across all industry sectors and reaching right up to the highest echelons of corporate leadership. With new forms of legal action currently being launched against more types of defendant in more jurisdictions, and historic as well as future liabilities at stake, ignoring climate change risk is not a viable option. Activity is ramping up and it shows no signs of slowing down.
- Ned Kirk, Partner, Clyde & Co, NewYork
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