Association of Corporate Counsel (ACC)

Welcome back Mr Bluestone







CERES report analyzes corporate risk managers' climate change risk perception and management

View original document | Send to colleague | Print
Jones Day
Global
July 19 2010

In April 2010, CERES issued a report entitled "Climate Change Risk Perception and Management: A Survey of Risk Managers," which explores the extent to which risk managers are concerned about the impact of both climate change itself and climate change regulation, and market perception regarding how well the insurance industry is addressing those risks.    

The survey was a collaborative effort of CERES, Zurich in North America, and the Professional Risk Managers' International Association.

The report summarizes the key risks of climate change, such as legal liability, regulatory risk, and risk of physical impairment (such as changes in water supply or temperature changes affecting crop growth). It seeks to understand how corporate risk managers rank and quantify these risks, and how they may ultimately manage these risks, with particular focus on the use of insurance products as a risk management tool.

The report concludes that while most respondents were well aware of climate change risks, climate change risk strategies varied widely, including wide variation in who in the company carried responsibility for climate change issues. It further concludes that risk managers are not well informed on climate change coverage options in the marketplace, and better dialogue between carriers and insureds is needed to identify coverage gaps and where extensions are, or could be made, available. The report's "Conclusions and Recommendations" section provides tips for risk managers looking to become better informed on both the risks and the coverage tools available to their company.

Christine M. Morgan

Christine M. Morgan

Popular related articles

  1. U.S. and EU expand sanctions against Iran (Jones Day)

    On June 9, 2010, responding to Iran's continued refusal to suspend its nuclear enrichment program and accept international safeguards, the United Nations Security Council passed Resolution 1929.

  2. Expanded resist toolkit released (Squire Sanders & Dempsey LLP)

    In an effort to promote a zero-tolerance attitude by businesses towards bribery and further harmonize existing national anticorruption programs, a group of anticorruption watchdogs recently unveiled an expanded version of the Resisting Extortions and Solicitations in International Transactions (RESIST) anticorruption toolkit at a UN Global Leaders Summit in New York.

  3. IOSCO report on OTC markets and derivatives trading in emerging markets (A&L Goodbody)

    On 23 July 2010, the International Organisation of Securities Commissions (IOSCO) published its final report on over-the-counter (OTC) markets and derivatives trading in emerging markets.

  4. Basel II and CRD changes to the securitisation framework – a discussion of the implications (Sidley Austin LLP)

    This Update considers the impact on securitisation transactions of significant regulatory changes that will take effect from 1 January, 2011.

  5. Basel conduct on capital investment (A&L Goodbody)

    In its December 2009 Consultative document, "Strengthening the Resilience of the Banking Sector" the Basle Committee on Banking Supervision noted it would continue to review the role of convertibility, including as a possible entry criteria in Capital Tier 1 and/or Tier 2 Capital.

  1. How green is my building? Building energy efficiency laws are about to begin (Clayton Utz)

    From 1 November 2010, most sellers and lessors of office space of 2,000m2 or more will need to obtain and disclose an up-to-date energy efficiency rating for the space, and should review their energy efficiency strategies.

  2. Environmental impact assessment consultation (Hammonds LLP)

    The Government has issued a consultation paper outlining proposed amendments to the Town and Country Planning (Environmental Impact Assessment) Regulations 1999.

  3. Queensland government announces policy framework to protect strategic cropping land (HopgoodGanim)

    On Monday 23 August 2010, Minister Stephen Robertson announced the Queensland Government's plan for protecting the State's most valuable food producing land in a new Policy entitled Protecting Queensland's Strategic Cropping Land: A policy framework.

  4. Endocrine disrupting chemicals (EDC) in drinking water (Frost Brown Todd LLC)

    EDC encompass a broad scope of chemicals, natural and otherwise.

  5. Supreme Court patent ruling is good news for cleantech business models (Orrick Herrington & Sutcliffe LLP)

    The U.S. Supreme Court’s recent decision in Bilski v. Kappos is good news for clean energy innovators.

  1. Letters of intent: another cautionary tale (Mills & Reeve LLP)

    A warning should be attached to all letters of intent: Danger! This letter can seriously damage your bank balance.

  2. ACCC issues first public warning notice on "business opportunity" distribution scheme (Blake Dawson)

    The ACCC issued its first Public Warning Notice against Halkalia Pty Ltd, Heartlink Enterprises Pty Ltd and National Semi Retired Group Pty Ltd.

  3. Relief from audit for proprietary companies (Blake Dawson)

    On 26 August, ASIC issued Class Order 10/545, amending Class Order 98/1417, the effect being that companies will only have to lodge ASIC Form 382 for the first financial year in which they start to apply the relief, rather than for each year in which the relief is applied.

  4. Proposed lease accounting rule - impetus to condominiumize your commercial real estate project? (Dykema Gossett PLLC)

    Absent an unexpected about-face by the U.S. Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), the accounting rule applicable to real estate leases will dramatically change as early as 2012.

  5. How effective is your Retention of Title clause? (Wragge & Co)

    The case of Bulbinder Singh Sandhu (trading as Isher Fashions UK) v Jet Star Retail Limited (trading as Mark One) (in administration) highlights that care needs to be taken to ensure that Retention of Title (RoT) clauses are effective.

  1. U.S. and EU expand sanctions against Iran (Jones Day)

    On June 9, 2010, responding to Iran's continued refusal to suspend its nuclear enrichment program and accept international safeguards, the United Nations Security Council passed Resolution 1929.

  2. Arbitration in Australia: how recent reforms have improved the conduct of international arbitration and the enforcement of awards (Jones Day)

    Recent reforms to the International Arbitration Act 1974 (Cth) (the "Act") have increased the certainty and effectiveness of conducting and enforcing international arbitrations in Australia.

  3. Chinese officials impose conditions on Novartis’ acquisition of Alcon (Jones Day)

    After a four-month review, on 13 August 2010, China's Ministry of Commerce ("MOFCOM") authorized Novartis' acquisition of Alcon subject to conditions.

  4. The Supreme Court's ruling in Merck increases uncertainty in assessing securities fraud litigation risk (Jones Day)

    The United States Supreme Court’s recent decision in Merck & Co., Inc. v. Reynolds effectively extends the statute of limitations for securities fraud class actions.

  5. The Wall Street Reform Act: its im pact on advisers to private funds (Jones Day)

    The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Wall Street Reform Act") was formally signed into law on July 21, 2010.

Most popular articles on Lexology

View original document | Send to colleague | Print

If you are interested in submitting an article to Lexology, please contact Andrew Teague at ateague@lexology.com.

© Copyright 2006-2010 Globe Business Publishing Ltd