The Climate Risk Disclosure Act of 2021 mandates public companies to disclose their climate-related risks and mitigation strategies. This increased transparency and disclosure requirement can profoundly impact the pollution liability insurance market, leading to better risk management, reduced losses, and new insurance products and services that help clients manage climate-related risks.
Tag: environmental liability
Pressure Growing to Remove PFAS from Fast Food Wrappers
Brenda Hampton first came across the toxic industrial compound PFAS after finding it was part of the cocktail of contaminants that tainted the drinking water in her North Alabama community. Hampton, who believes the contaminated water contributed to kidney problems she and other residents suffer, soon learned the chemicals were found in another source that… Continue reading Pressure Growing to Remove PFAS from Fast Food Wrappers
AXA XL’s Environmental Insurance Business Rolls Out Tailored Ecosystem in North America
To help clients adopt new technology solutions to manage business risks, AXA XL’s North America Environmental insurance business has rolled out a tailored Environmental Ecosystem. According to Mary Ann Susavidge, Chief Underwriting Officer, Environmental, “For the last 35 years, we’ve taken a holistic approach helping our clients manage environmental liabilities through risk transfer with pollution… Continue reading AXA XL’s Environmental Insurance Business Rolls Out Tailored Ecosystem in North America
AXA XL Helps North American Lenders with Environmental Concerns with PEACE Endorsement
The Americas Environmental insurance business of AXA XL has introduced the Protective Environmental Asset Coverage Enhancement (PEACE), an endorsement specifically designed to protect lenders’ financial interests against loan losses at fixed facilities caused by sudden and gradual pollution conditions. Anthony Gentile, Sr. Product Line Leader for AXA XL’s Americas Environmental insurance business, stated that “We… Continue reading AXA XL Helps North American Lenders with Environmental Concerns with PEACE Endorsement
Oil Spill Off Huntington Beach, CA Renews Decadeslong Move Away from Offshore Drilling
Offshore drilling in the Gulf of Mexico produces more crude oil in 2.8 days than the West Coast produces in an entire year. But a few decades ago, California’s coastline was humming with activity. In 1995, the West Coast produced 92 million barrels from California’s offshore reserves, according to estimates by the Energy Information Administration.… Continue reading Oil Spill Off Huntington Beach, CA Renews Decadeslong Move Away from Offshore Drilling
U.S. Insurers Eye Legionnaires’ Disease Safeguards as Buildings Re-Open from Pandemic Shutdowns
Commercial insurers are scrutinizing building managers’ efforts to avoid outbreaks of Legionnaires’ disease as they re-open movie theaters, gyms, schools and offices that had been closed for months due to the coronavirus pandemic, industry sources told Reuters. Legionnaires’ disease is a severe, sometimes-lethal form of pneumonia caused by the Legionella bacteria that builds up in… Continue reading U.S. Insurers Eye Legionnaires’ Disease Safeguards as Buildings Re-Open from Pandemic Shutdowns
Environmental Groups Sue Trump Administration for Gutting Offshore Oil Safety Rules
A coalition of environmental groups on Tuesday filed a lawsuit challenging the U.S. Interior Department’s rollbacks of safety measures put in place by the Obama administration in the aftermath of the fatal 2010 BP Deepwater Horizon oil spill. The lawsuit filed in a federal district court in California alleges that the agency disregarded the evidence… Continue reading Environmental Groups Sue Trump Administration for Gutting Offshore Oil Safety Rules
Enstar Group Limited Announces Reinsurance of $500 Million of Zurich’s Legacy A&E Business
Enstar Group Limited announced today that one of its wholly-owned subsidiaries has signed an agreement with a subsidiary of Zurich Insurance Group to reinsure a number of U.S. asbestos and environmental liability insurance portfolios. Enstar’s subsidiary will assume gross insurance reserves of approximately $0.5 billion, relating to 1986 and prior year business. The closing of… Continue reading Enstar Group Limited Announces Reinsurance of $500 Million of Zurich’s Legacy A&E Business
Ship Owners Worry About Clean Fuel Bill as Ports Ban ‘Scrubbers’
More ports around the world are banning ships from using a fuel cleaning system that pumps waste water into the sea, one of the cheapest options for meeting new environmental shipping rules. The growing number of destinations imposing stricter regulations than those set by the International Maritime Organization (IMO) are expected to be a costly… Continue reading Ship Owners Worry About Clean Fuel Bill as Ports Ban ‘Scrubbers’
Fiat Chrysler Reportedly Nears Deal to End U.S. Diesel-Rigging Criminal Probe
Fiat Chrysler Automobiles is nearing a settlement with the U.S. Justice Department that would end a two-year criminal investigation into whether it knowingly sold diesel vehicles that violated clean-air rules, Bloomberg reported citing people familiar with the matter. The resolution would include a financial penalty in line with Fiat Chrysler’s guidance to investors. The company… Continue reading Fiat Chrysler Reportedly Nears Deal to End U.S. Diesel-Rigging Criminal Probe