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December 20, 2016

Climate Change – Next Asbestos for Insurance Companies?

The Connecticut Law Tribune writes that “similar to asbestos 40 years ago, climate change has enormous potential to develop into a mass tort; but, while the scientific community seems to be lining up on the side of causation, liability has yet to be established.”

While noting that it is “premature” to draw a parallel between climate change and asbestos, the article urges insurers to pay attention to the “magnitude of potential losses should liability be established” with climate change.

Potential areas of exposure for property and casualty insurers include property and business income claims, general liability claims, and D&O claims, among others.

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