Open Access. Powered by Scholars. Published by Universities.®
- Institution
- Publication Year
- Publication
Articles 1 - 10 of 10
Full-Text Articles in Law
Modelling Climate Litigation Risk For (Re)Insurers, Martin Lockman
Modelling Climate Litigation Risk For (Re)Insurers, Martin Lockman
Sabin Center for Climate Change Law
In response to the growing threat of climate change, the insurance industry has made significant investments in modelling and quantifying physical climate risks. However, the emerging risk of climate litigation has proven particularly difficult to model. In 2015 Mark Carney, then-Governor of the Bank of England and Chairman of the Financial Stability Board, warned that climate litigation poses “long-tail risks” for insurers that may be “significant, uncertain and non-linear.” Since that warning, the number of climate-related cases has more than doubled, and the scope and financial significance of climate litigation has become increasingly clear. However, insurers and regulators still struggle …
Is Fire Insurable?, Kenneth S. Klein
Is Fire Insurable?, Kenneth S. Klein
Faculty Scholarship
The focus of this chapter is on the extant data on the prevalence, causes, and depth of inadequate, unavailable, and/or unaffordable dwelling insurance for fire, and what might be done about it. Whether it is ‘bushfire’ in Australia or ‘wildfire’ in the United States, the frequency, intensity, and cost of fire is increasing, with no reason to expect the upward trend to dissipate any time soon. Most homeowners want to insure their homes for fire and think they both have done so and done so adequately. More often than not, they are wrong. And many are finding that insurance now …
Ashes To Ashes: A Way Home For Climate Change Survivors, Kenneth S. Klein
Ashes To Ashes: A Way Home For Climate Change Survivors, Kenneth S. Klein
Faculty Scholarship
In 2020, the United States suffered a record number of named storms, a record number of storms causing $1 billion or more in damage, a derecho that destroyed much of Iowa’s corn crop, and previously unheard-of levels of wildfire frequency and damage in California, Oregon, and Washington. The effects of climate change are causing a crisis of affordable, available homeowner insurance. As more and more homes in the United States are in high-risk areas for natural catastrophes, insurers increasingly choose not to offer insurance at all in some communities, exclude disaster risks from coverage in others, and dramatically raise prices …
America On Fire: Climate Change, Wildfires & Insuring Natural Catastrophes, Christopher French
America On Fire: Climate Change, Wildfires & Insuring Natural Catastrophes, Christopher French
Journal Articles
America is on fire. The damage, destruction, and loss of life caused by wildfires have exploded over the past few decades. Nine of the ten worst fire seasons have occurred in the past fifteen years, with 2017 and 2018 being the worst years ever. Despite spending approximately $3.7 billion annually on fire suppression, more than 35,000 structures were lost to wildfires in 2017 and 2018, approximately $32 billion in property losses occurred, and more than 100 people were killed. More than forty million homes worth approximately $187 billion in the U.S. are currently at a high risk of destruction due …
Harvey, Irma, And The Nfip: Did The 2017 Hurricane Season Matter To Flood Insurance Reauthorization?, Robin Kundis Craig
Harvey, Irma, And The Nfip: Did The 2017 Hurricane Season Matter To Flood Insurance Reauthorization?, Robin Kundis Craig
Utah Law Faculty Scholarship
The National Flood Insurance Program (NFIP) has become a coastal hurricane insurance program—a fact that is bankrupting it. As a result of climate change, the ocean surrounding the United States is both rising and becoming warmer, and hurricanes and other coastal storms are projected to become both more frequent and more destructive. While no particular hurricane can yet be blamed exclusively on climate change, these projections nevertheless have real implications for the future of the NFIP.
In 2017, Congress was gearing up to reauthorize the NFIP just as the United States entered its worst hurricane season in over a decade. …
The Government's Role In Climate Change Insurance, Peter Molk
The Government's Role In Climate Change Insurance, Peter Molk
UF Law Faculty Publications
There are no robust insurance markets for climate change insurance. While these markets would provide valuable loss-mitigation incentives, at the same time giving financial certainty to individuals and businesses that face staggering future liabilities, existing efforts have produced a fragmented set of private and public products that provide only piecemeal coverage. This symposium contribution examines the government’s role in providing unified markets for insuring climate change risk. Although innovations in reinsurance markets suggest that private insurers could cover discrete risks associated with climate change, such as flood or wind loss, climate change’s broader systemic risks present problems of scale and …
In Deep: Dilemmas Of Federal Flood Insurance Reform, Jennifer Wriggins
In Deep: Dilemmas Of Federal Flood Insurance Reform, Jennifer Wriggins
Faculty Publications
Floods are the most expensive form of natural disaster in the United States. Recent massive floods in Louisiana show the magnitude of the devastation floods can cause. Climate change and population growth are likely to lead in the coming decades to more severe, frequent, and costly floods. How we pay for flood losses is an urgent public policy issue. The National Flood Insurance Program (NFIP) provides most of the flood insurance policies on homes in the United States. The U.S. Flood Insurance Program is a complex scheme that uses insurance coverage subsidies, mandates, and other tools to support various policies …
From Contract To Legislation: The Logic Of Modern International Lawmaking, Timothy L. Meyer
From Contract To Legislation: The Logic Of Modern International Lawmaking, Timothy L. Meyer
Scholarly Works
The future of international lawmaking is in peril. Both trade and climate negotiations have failed to produce a multilateral agreement since the mid-1990s, while the U.N. Security Council has been unable to comprehensively respond to the humanitarian crisis in Syria. In response to multilateralism’s retreat, many prominent commentators have called for international institutions to be given the power to bind holdout states — often rising or reluctant powers such as China and the United States — without their consent. In short, these proposals envision international law traveling the road taken by federal systems such as the United States and the …
Insuring Island States: The Role Of Insurance For Small Island States In Responding To The Adverse Effects Of Sea Level Rise, Maria Antonia Tigre
Insuring Island States: The Role Of Insurance For Small Island States In Responding To The Adverse Effects Of Sea Level Rise, Maria Antonia Tigre
Elisabeth Haub School of Law Student Publications
Small island states are likely to suffer the greatest impact of sea level rise. They are also generally low emitters of greenhouse gas emissions (GHGs), meaning they have contributed little to the problem of human-induced climate change. For an array of reasons, including their reduced economic and political power relative to the international power of other states, these smaller islands and states have come together, forming the Alliance of Small Island States (AOSIS). Jointly, they have been battling to gain the attention of the international community in their search for solutions. However, they are still left with many unanswered questions …
Insurance And Climate Change, Greg Munro
Insurance And Climate Change, Greg Munro
Faculty Journal Articles & Other Writings
This article examines insurance industry awareness of climate change and its implications, what risks it presents to insureds and insurers, what action insurers are taking to address it, and how the insurance industry could be a major force in getting the world to address climate change and mitigate its effects.