Experts: Recent fines spur greater interest in pollution coverage | P/C insurers should help address climate change, groups say | Potential nanotechnology exposures concern risk managers
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February 27, 2013
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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 (2/19)
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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 (2/20)
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Potential nanotechnology exposures concern risk managers
Questions over the long-term environmental safety of nanomaterials have risk managers concerned over the possibility of future liability lawsuits, experts say. Many research projects are focusing on the materials' health and environmental impact. Business Insurance (tiered subscription model) (2/24)
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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) (2/21)
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Editor's Note
Rules would tighten EU safety requirements for offshore drilling
Oil and gas companies seeking offshore-drilling licenses in the EU would be required under proposed rules to submit emergency plans and major-hazard reports, and undergo reviews of environmental-protection measures. Preliminary agreement on the rules, prompted in part by the 2010 Deepwater Horizon incident in the Gulf of Mexico, must be formally approved by the European Parliament and EU nations before it can go into effect. Oil & Gas Journal (2/21)
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Other News
Green Construction
Miami building receives Fla.'s first LEED platinum designation
The Foram Group's 600 Brickell in Miami is the first building in Florida to receive Leadership in Energy and Environmental Design Platinum certification from the U.S. Green Building Council. The $300 million building includes systems that regulate its air quality, lighting and temperature. American City Business Journals/Miami/Heard Along the Coast blog (2/22)
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Other News
Aon News
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.
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SmartQuote
Hate traps us by binding us too tightly to our adversary."
-- Milan Kundera,
Czech writer
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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.

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