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With mandatory climate disclosures becoming law in the UK, effective from 6 April 2022, and the United States Securities & Exchange Commission announcing its long awaited climate disclosure rule on 21 March 2022, this report provides a snapshot of the approach towards climate disclosures in some of the jurisdictions in which Kennedys operates, before focusing on what this means for our policyholder and insurer clients in the financial lines arena.
With the growing importance of environmental, social and governance issues, companies are starting to recruit people to senior executive positions to oversee their strategies. Pamela Kokoszka investigates if the role of chief ESG officer is here to stay, or – if like the role of chief digital officers recruited in the 2010s – will be absorbed elsewhere once ESG becomes more embedded within their employers.
On 24 January 2022, the OEP was granted its existence in law by virtue of the Environment Act 2021. Only a day after, it released its draft strategy and enforcement policy and a period of consultation commenced in respect of them both. In this article, we set out the duties of the OEP, its proposed enforcement strategy and policy, and our initial thoughts on how effective the OEP may indeed be in its role.
In this report, Kennedys experts highlight some key legal and regulatory developments and provide an overview of the business critical topics that the construction sector and insurers should consider as they plan for operational resilience in 2022 and beyond.
From the wildfires sweeping across the United States, to the torrential rain and flooding which has devastated parts of Japan, never have we as a society been more aware of climate change. Here, we look at the impact of rising claims and the insurance industry's response in mitigating climate change risk.
Construction projects are vulnerable to losses. In the UK alone, the increase in frequency and severity of winter storms, flooding, heatwaves or periods of extreme cold all result in additional claims. For those insuring international projects, a detailed understanding of the changing climate in that location is essential. So what can construction insurers do?
This week (13-17 March 2022) has been designated in the Sultanate as ‘Oman Sustainability Week’. OSW is a national platform highlighting Oman’s commitment to sustainability leadership through innovative strategies aligned with the UN Sustainable Development Goals and to elevate Oman as a new model for sustainable development.
Crypto no longer represents a murky sector of investing but is now a legitimate asset class. Mainstream investors are increasingly including crypto in portfolios as an inflation hedge alongside traditional assets. While crypto has been catapulted into the mainstream in the last couple of years or so, ESG – incorporating Environmental, Social, and Governance measures into running a business - has been a topic of discussion since the seminal 2004 UN report ‘Who Cares Wins’.
Following the New Zealand Court of Appeal decision of Smith v Fonterra Co-operative Group Limited , Kennedys experts in New Zealand, Australia, the United Kingdom and United States provide a cross-jurisdictional review of the risk of this potential new tort also emerging in their respective countries.
The shipping industry alone is responsible for approximately 3% of global greenhouse gas emissions. Here we look at some of the measures the global regulatory bodies including the International Maritime Organisation have taken to tackle the industry’s contribution to the climate crisis, and the impact this has on vessel owners and their insurers.