Publications | Book
Profile of Legal Malpractice Claims 2020-2023
Insurers and financial regulators are coping with the legal impact of climate change and the increasing risk it presents for companies' financials. The ever-increasing regularity and gravity of extreme weather-related events have resulted in greater regulatory focus on climate-related risks for the insurance industry. Learn more about the complex legal challenges that the insurance industry faces from the evolving public policy environment and enhanced regulatory focus on climate change. Challenges include the potential for expanded liability for environmental risks through legislation and court decisions, an increased threat of third-party litigation and growing regulatory risk.
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Closed Captioned.
A tectonic shift in focus on Environmental, Social and Governance ("ESG") and Sustainability issues has occurred across corporations, law firms and the capital markets. ESG is no longer a fringe issue and regulators are beginning to develop and impose new ESG legal obligations on a wide range of financial institutions. The insurance industry is in a unique position when it comes to climate risk as insurers are exposed on both sides of the balance sheet: underwriting risk, as noted on the liability side, and their investment portfolios on the asset side. In particular, regulators have begun to express supervisory concern about the potential exposure in insurers' books of business as well as investments in fossil fuels or other carbon intensive industries which have the potential to become stranded assets, i.e., assets that experience unexpected or premature write-downs or devaluation caused by innovation, changes in the market or other factors.
Reacting to these issues, lawmakers, regulators and standard setting bodies like the National Association of Insurance Commissioners (NAIC) have been studying approaches to address the risks associated with climate change, including new and broader disclosures, enhanced solvency regulation and stress testing, and other risk management practices. The volatile policy environment has great import for the insurance industry, and could presage a significant expansion of liability for environmental coverages, third party litigation and regulatory burdens. Legislation and court rulings could mean coverage obligations will be expanded, resulting in unanticipated clean-up requirements.
Among the leaders in this policy space is the New York Department of Financial Services, which recently released its final guidance for insurers on managing the financial risks from climate. The New York DFS supervisory expectations could end up becoming a benchmark regulatory standard for the insurance industry. At a minimum, they may impose substantial new legal obligations on New York insurers. Join insurance industry leaders for a panel discussion on what these new legal requirements consist of and how insurers might consider managing the legal and regulatory risks associated with increased regulation of climate risks.
American Bar Association
CE2203FTIOLC
60
3/9/2022 12:00:00 AM
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Profile of Legal Malpractice Claims 2020-2023
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