|Risk Management, Insurance and Claims
Experts: Recent fines spur greater interest in pollution coverage
More companies are seeking supplemental pollution coverage in response to record environmental fines levied against drillers and shale-gas producers, experts say. As much as 70% of upstream oil and gas firms are purchasing the insurance, compared with about 10% two years ago, Jeffrey Hanneman of Aon Risk Solutions estimates. "Deepwater Horizon and a host of other environmental lawsuits have resulted in civil fines being levied, and that has been a big driver in insurance. So their exposure is much greater than they initially realized in environmental losses," Hanneman said. RiskAndInsurance.com
P/C insurers should help address climate change, groups say
Environmental groups and some state regulators are urging the property and casualty insurance industry to push for initiatives to lessen the impact of climate change. The sector "is in a unique position to influence society in reducing risks," said Cynthia McHale of Ceres. Catastrophe losses "have become unsustainable," said Julie Rochman of the Insurance Institute for Businesses and Home Safety. "Way too many people are suffering irreparable damage ... way too many people are losing their lives. We have to do something." Stateline
Heavy industry in China will face pollution-insurance mandate
Industries that generate pollution will be required to take part in a pilot insurance program, Chinese officials said last week. Chemical companies, mining and smelting operations, and leather-goods manufacturers are among the companies that must take part in the program. The effort is intended to reduce pollution and ensure compensation is available for pollution-related accidents. Reuters
(2/21), Xinhuanet.com (China)
Risk & Insurance names 48 Aon Power Brokers; Aon dominates in the Environmental category
The esteemed Risk & Insurance Power Broker designation is given out annually, and this year, Aon showed a prominent presence with 48 brokers and consultants being named as winners. Only six were given the honor in the Environmental category, and of these, four were Aon employees. Winners were chosen based on their proven exceptional value to clients and recent accomplishments. Read more.
Aon Environmental provides clients with the specialized expertise needed to
understand their exposure and its consequences, including how it impacts
financial objectives as well as corporate governance, sustainability, and
regulatory concerns. Using a multi-disciplinary approach that draws upon
experience in environmental law, environmental remediation, and environmental
risk management, the Aon team has developed solutions for the largest and most
complex environmental placements. Our superior technical skills, combined with
market knowledge and relationships, ensure that the best presentation of our
client's objectives will be made.
John Welter, EVP, Managing Director
5555 San Felipe Street Suite 1500
Houston, Texas 77056
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