New research published from Capgemini and Efma’s recent World Property and Casualty Insurance Report reveals that climate change is hurting the insurance industry, and that insurers need to change their business models to achieve climate resiliency. The inaugural report titled – “Walking the Talk: How insurers can lead climate change resiliency”, addresses the impacts on … [Read more...] about Insurers need to change business models to drive climate resiliency, report shows
Climate change is an existential risk to human life. But, before we get to life as we know it potentially disappearing, this commentary will discuss climate change as a significant risk to insurers and reinsurers. Swiss Re first identified the risk in 1979, and today it is one of the most significant concerns for businesses. Here are some statistics. In a 2014 study by Munich … [Read more...] about Climate Change and Reinsurance
The range of exposures facing corporates, as well as subsequent loss and claims scenarios, have increased significantly in recent years with rising court costs, disruptive recalls, political violence and environmental issues impacting businesses – all in the face of a challenging global pandemic. Allianz Global Corporate & Specialty (AGCS) experts highlight five trends … [Read more...] about 5 Liability Risk Trends: 2020 and Beyond
Just about every workers’ compensation (WC) payer has them -- claims that remain unsettled due to high Medicare set-aside (MSA) allocation projections or an MSA counter-higher determination by the Centers for Medicare and Medicaid Services (CMS). In either instance, the result is the same: the workers’ comp payer is left holding the bag for continuing medical, indemnity, and … [Read more...] about MSAs Stalling Settlement? Proactive Strategies to Reduce MSA
Greg Gitter and Connie O’Mara provide us with a second installment of short stories that illustrate some real world techniques on how to deal with difficult claims. In our first episode (March 18, 2020), we depicted the resolution of a workers’ comp claim that hinged on “reading the room” and adding king-sized sheets to the negotiation to sweeten the settlement … [Read more...] about Negotiation Scene, Episode 2
From cost control and claims handling to compliance and capital management, the COVID-19 outbreak has turned processes and procedures on their head. https://runoffresolve.com/2020/06/01/navigating-post-covid-19-minefield/ … [Read more...] about Navigating through the post-COVID 19 minefield
As the Coronavirus threat increases, so do the questions associated with workers compensation claims. Broadspire, Crawford's global TPA, has produced a white paper which examines the background of COVID-19, how state statutes may see related claims and the potential impact on workers compensation claims. The worker's compensation impacts of 2019 coronavirus - … [Read more...] about The Workers Compensation Impacts of 2019 Coronavirus (COVID-19)
As insurers and reinsurers evaluate their potential Covid-19 exposure, we look at the scope for aggregating Covid-19 losses on the basis of some of the market’s more common aggregation language. Read the full article here - https://www.bclplaw.com/en-GB/thought-leadership/is-covid-19-one-event-reinsurance-aggregation.html … [Read more...] about Is COVID-19 One “Event”?: Reinsurance Aggregation
Key Coleman discusses the impact climate change could have on the value of insurance companies’ investment portfolios. Climate change from the burning of fossil fuels has many implications for the US economy. One consideration that deserves greater attention is the impact climate change could have on the value of insurance companies’ investment portfolios. Given that … [Read more...] about Stranded Assets from Climate Change – Should Insurance Companies be Alarmed?
The reinsurance market has the potential to serve as a bellwether for climate change. Yet despite the frequency and severity of catastrophe losses linked to climate change, capacity remains plentiful. Read the full article here - http://www.rmmagazine.com/2019/04/01/will-climate-change-impact-reinsurance-rates/ … [Read more...] about Will Climate Change Impact Reinsurance Rates?
Adam Smith of the National Oceanic and Atmospheric Administration (NOAA) crunches the data, which reveals a worrisome unprecedented trend of billion-dollar weather and climate disasters. Read full article here - https://www.climate.gov/news-features/blogs/beyond-data/2010-2019-landmark-decade-us-billion-dollar-weather-and-climate … [Read more...] about 2010-2019: A Landmark Decade of U.S. Billion-Dollar Weather and Climate Disasters
Kennedys provides a read out of what transpired at the December UN Climate Change Conference. Read full article here - https://www.kennedyslaw.com/thought-leadership/article/cop25-the-un-climate-change-conference-madrid-spain/ … [Read more...] about COP25: The UN Climate Change Conference, Madrid, Spain
Genes or the environment? Advances in genomics science provide a new legal framework for a genetic defense to toxic tort claims. Legacy (re)insurers holding or acquiring toxic tort liabilities may be relying too heavily on outdated legal strategies to defend their policyholders. In our view, millions (perhaps billions) of dollars might be saved if reinsurers … [Read more...] about The Revolution in Analysis of Cancer Causation and Genomics Liability
It was a record breaking attendance at the AIRROC Spring Membership Meeting on March 5 & 6. Hosted at the offices of Norton Rose Fulbright in New York City, members held meetings and also heard from great education panels. Read on for highlights for this particular session. Doing the right thing is easy . . . isn’t it? Not always. When it comes to environmental … [Read more...] about Do the Right Thing
It’s talked about on the radio, it’s covered in the news, it’s referenced in popular TV shows, and now the President of the United States is addressing it: America has an opioid problem. According to the U.S. Department of Health and Human Services, as of September 2018 more than 130 people die every day from opioid related drug overdoses. Of the 72,000 drug overdose deaths … [Read more...] about America Has An Opioid Problem: Who’s Going To Pay To Fix It?
It was a record breaking attendance at the AIRROC Spring Membership Meeting on March 5 & 6. Hosted at the offices of Norton Rose Fulbright in New York City, members held meetings and also heard from great education panels. Read on for highlights of this particular session. Texas petrochemical engineer Phil Watters of Rimkus and Swiss Re's Claims Vice President Mike … [Read more...] about Oil & Gas Transport Environmental Risks for Pipelines, Motor, Railways, Port Operations, & Marine
It was a record breaking attendance at the AIRROC Spring Membership Meeting on March 5 & 6. Hosted at the offices of Norton Rose Fulbright in New York City, members held meetings and also heard from great education panels. Read on for highlights for this particular session. Tyler Scott and Scott Davis, Partners at Husch Blackwell, along with Lisa Simon, Vice President at … [Read more...] about Emerging Risks and the Legalization of Marijuana
Some thoughts Most readers are familiar, at least to some extent, with the jury’s verdict earlier this year in Lanzo v. Johnson & Johnson. In that case, a New Jersey state court jury awarded $117 million in compensatory and punitive damages against J&J and Imerys after concluding that asbestos-contaminated talc, supplied by Imerys and used to make Johnson’s Baby … [Read more...] about Avoiding the Next Lanzo: Some Thoughts
AIRROC’s Boston Regional this year was co-hosted by Locke Lord and Pro. Held in the Prudential Center, the attendees learned from a diverse faculty and were treated to a keynote from Elizabeth Dwyer, Deputy Director and Superintendent of Banking and Insurance for Rhode Island. We also had an insightful presentation on Hurricane Maria and its effects on Puerto Rico, a report out … [Read more...] about Bringing it in Bean Town: Boston Regional Education Day
On September 6, 2018, AIRROC and EECMA (Environmental and Emerging Claim Manager Association) presented their 2018 feature co-hosted program, which took a comprehensive look at climate change. The one-day symposium presented material too voluminous to summarize adequately in a single article. However, here are a few things you missed if you did not attend the symposium. Courts … [Read more...] about AIRROC / EECMA Climate Change Symposium: Trade Associations Pair up to Face Reality