insurance
The Climate Changes for the Insurance Industry
ThinkProgress reports: Following the most damaging year of climate disasters in the United States in history, the insurance regulators in three states – California, Washington, and New York – announced that all major insurance companies operating in their states will be required to assess and publicly disclose the climate-change related risks they face, both in …
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CONTINUE READINGThe story of the Price-Anderson Act: how Congress made nuclear power financially viable in the U.S. by eliminating accountability for risk
Ever wonder how nuclear power plants have been able to get financial backing in the U.S. despite the huge, and largely uncertain, potential risks they pose? Or why there are nuclear plants within a few hours’ drive of major population centers such as Los Angeles and New York? Or who will pay the costs that …
CONTINUE READINGOns Small Step for Insurers: New Insurance Product for Nanomaterials
Someone has taken the leap in the insurance industry. Financial.com reported today that Lexington Insurance Company is offering LexNanoShield, a product overing “liability coverage that provides protection for general liability, product liability, product pollution legal liability and product recall liability exposures.” The coverage, on a claims made basis, is available to nano manufacturers and users. Coverage …
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CONTINUE READINGInsurance in a Complex World
Roger Cook and Carolyn Kousky make some intriguing points in an article in the Summer issue of Resources. They discuss three problems confronting insurance companies, all of them probably exacerbated by climate change: fat tails, tail dependence, and micro-correlations. Although the names may not be self-explanatory, these are phenomena with great significance for society’s management …
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CONTINUE READINGU.S. state insurance regulators take step toward addressing climate risk
I’ve spent some time over the past two years studying the relationship between the insurance industry and climate change. Yesterday there was an important development in this area: the National Association of Insurance Commissioners (NAIC) , the group of state regulators that collectively regulate insurance in the U.S., adopted for the first time a requirement that large insurers …
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