Liability Insurers Brace for Wave of Climate Change Claims

As the earth continues to warm and sea levels continue to rise, property insurers know the risk from natural catastrophes is on the rise. But the growing climate change-related risk is also threatening liability insurers. Liability lines potentially at risk include general liability, product liability, directors & officers, and errors & omissions, and all are potentially vulnerable to systemic financial consequences from climate change, including the risks of transitioning to a low carbon world. Not surprisingly, fossil fuel producers have been targeted by lawsuits already, and some expect large users of fossil fuels or large producers of greenhouse gases – manufacturers, aviation and auto industries – to be next in line. Others expect companies that misrepresent their environmental impact - engaging in so-called “greenwashing” - could also become targets. There could also be significant financial exposure arising from exposed properties that could affect liability lines, as companies that have been damaged by natural catastrophes find their boards facing class action lawsuits from angry investors. Join a dynamic discussion with Insider Engage, hosted in partnership with Verisk, to discuss what liability underwriters and risk managers should be doing now to prepare for the growing liability risks of climate change. Key topics: -How can climate change trigger general liability, product liability, D&O, E&O and workers’ comp claims? -How should underwriters and exposure managers respond? Why simply excluding the risk may not be an effective strategy? Speakers: -Robin Wilkinson, Senior Vice President and Managing Director, Casualty Analytics, Verisk -John Scott, Head of Sustainability Risk, Zurich Insurance Group -Nigel Brook, Partner, Clyde & Co LLP -Mia Finsness, Managing Executive, Global Casualty Underwriting and Claims at Markel