A big change is coming.Climate change will affect the insurance industry for years to come. In addition to its business-related exposures to weather-related risks, insurers also could face liability claims if their policyholders are found liable for contributing to climate change or pollution. In this issue, Best's Review introduces the first in a series of articles reporting on the risks, regulatory issues and economic impact of climate change. We're kicking off the series, "Climate Change: Insurers Respond" with a look at the looming looming: see mirage. liabilities facing the directors-and-officers line of business. In our cover story, "D&O Heats Up," Senior Associate Editor Meg Green reports how D&O writers are watching two fronts: shareholder actions and regulatory response. What climate-change-related risks do D&O insurers face? According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. John Green (no relation to Meg), a partner and insurance attorney in the San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden office of Farella Braun + Martel, a company's directors and officers are at risk for claims that they failed to adequately disclose to sharehomers the potential impact on the company of future costs of regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. or operational changes. As to which industries are prone to D&O claims due to climate change, Green wrote in an e-mail interview that the climate-change-related suits that California, Connecticut and private parties have brought against the auto, oil and power business sectors could lead to follow-on securities claims against directors and officers. Green added that other likely targets for these claims are companies that fail to take the climate-change issue seriously. Also in this issue, we launch the Best's Review ranking of Global Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Brokers on page 59. Ten global reinsurance brokers are ranked by revenues and we also report their accomplishments in 2006 and strategies for 2007 and 2008. Get out the push pins.A 20-by-15-inch A.M. Best map illustrating insurance premiums by population throughout the world is attached to page 65. It's a great reference tool that also ranks countries according to risk. Make sure you don't miss A.M. Best's exclusive 2007 ranking of the top 35 Global Reinsurers on page 65. You can compare the numbers and see for yourself why Swiss Re Swiss Re is the world’s largest reinsurer, now that it has acquired GE Insurance Solutions (Ligi 2006). Founded in 1863, Swiss Re now operates in more than 30 countries. General Electric owns 8.9% of the firm. is now ranked the largest reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. in the world. Lynna Goch is editor. You may reach her at (908) 439-2200, Ext. 5381, by writing to A.M. Best Co., Ambest Road, Oldwick, NJ 08858, or by e-mail at lynna.goch@ambest.com. The e-mail address See Internet address. e-mail address - electronic mail address for Best's Review is bestreview@ambest.com. |
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