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We are pleased to announce that the publication of the 2021 edition of The Legal 500 UK has seen us ranked as a ‘top-tier firm’ in nine practice areas.
It is estimated that extreme weather events cost the world US$150 billion in 2019. In Canada, insurers are facing mounting pressure to re-evaluate traditional products which often insufficiently respond to the property losses experienced by their insureds as a result of natural disasters such as the recent hail storm in Calgary which led to estimated losses of $1.2bn.
Insurers must balance the income from insuring and investing in fossil fuel projects against the growing reputational and litigation risks.
One of the key issues in environmental coverage disputes between insurers and policyholders is the question of allocation. The two predominate applications concerning this issue involve determining whether the insurers will be allocated responsibility for payment of a claim on a pro rata basis or on an “all sums” basis.
Historically, difficulties in proving a causal link between air pollution and poor health have kept at bay pollution related claims and governments’ accountability. However, this may be about to change.
London Market casualty insurers are experiencing increased notifications for climate change related tort claims pursued against “Big Oil” defendants in the USA and other jurisdictions. We outline the headline policy coverage issues arising from these claims and whether the experience of other jurisdictions will be replicated in the UK.
On 18 June 2020, the Bank of England (the Bank) released its first report regarding its own exposures to climate change-related financial risks and its proposed strategy to manage those risks effectively.
The results of Part 2 of the Law Commissions’ joint consultation into the regulation of automated vehicles, “emphasised how uncertain the future has become, and how regulation must be sufficiently flexible to deal with a wide variety of eventualities.”
Are the global financial markets ready to embrace Mark Carney and his Private Finance Agenda for COP26?
In January, Boris Johnson appointed Mark Carney as his Finance Adviser for the purposes of COP26 to “help build a sustainable financial system to support the transition to a net zero economy”.
Environmental Impairment Liability: is the London Market prepared for climate change related claims?
Environmental Impairment Liability (EIL) policies have become a well-established, if somewhat misunderstood, product in the London Market. In this article, we consider whether EIL policies are capable of responding to climate change related risks.