Climate change physical risks
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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.
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.”
Since our last article on climate change considerations, perception has moved to a recognition that climate risks affect all sectors, including financial institutions.
On March 23, 2020, Pacific Gas & Electric (PG&E)—the California energy utility—announced that it will plead guilty to criminal charges for its role in the 2018 Camp Fire in Northern California, which led to the deaths of 85 people and caused billions of dollars in property damage. This plea brings a lengthy investigation to a conclusion, but it is not anticipated that PG&E’s existing civil liabilities ($24.5 billion) will increase as a result of the plea agreement.
Boris Johnson’s “oven ready” deal to begin withdrawing the United Kingdom (UK) from the European Union (EU) received royal accent on 23 January 2020, following his success in the December 2019 General Election.
In December 2018 we wrote about the impact of the Californian wildfires on the global insurance market. In December 2019, Australia witnessed the worst bushfire season the country has ever seen which, like California, has implications for insurers involved in the wine industry.
The pace of change in the global insurance market has not slowed down in the last 12 months, nor are there any indications of it doing so over the course of the coming year.
Climate change was once considered an emerging risk, and as such it was discussed in a general way. But it is evident that this is changing and the consequences of not taking climate change seriously could be dramatic, not just for the planet but also for unprepared organisations and those that helm them.