Climate change physical risks
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The 40-degree temperatures experienced in July 2022 would have been extremely unlikely without human-caused climate change. This is the conclusion of World Weather Attribution (WWA). This means that the destruction of homes by wildfires in the UK, while being ignited by other causes, occurred as a result of conditions caused by the changing climate.
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?
Climate change and environmental catastrophes are now a common theme in daily news. The much publicised report on climate change from the Intergovernmental Panel on Climate Change has suggested that we are closer to the environmental point of no return than leading scientists had previously contemplated, with human activity changing the climate in unprecedented and irreversible ways.
This is the last of our series of articles dedicated to the NEC contracts (New Engineering Contract). Here, we analyse the importance of compliance management systems as part of the regulatory requirements implemented in the ‘Reconstruction with Changes’ project in Peru.
Case review 12/02/2021
The Supreme Court has handed down its decision in Okpabi and others (Appellants) v Royal Dutch Shell Plc and another (Respondents) [12.02.21].
Insurers will come under increasing pressure from major corporate clients and consumers to demonstrate their pro-active engagement to tackle global warming and play a major part in helping hit the UK’s 2050 target for net zero emissions.
Landlords have a duty to repair the structure and exterior of premises, which includes the supply of water, gas, electricity and sanitation where the landlord knows or ought to have known about the defect. Repairing obligations continued unchanged throughout lockdown and remain. Tenants should report repairs as early as possible so landlords can take appropriate action.
“Fenomeno del Niño” is the name given to an unpredictable weather event specific to the eastern side of the Pacific Ocean.
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.