Last year has garnered major notoriety for the number and severity of natural disasters it played host to. 2011 has become widely recognized in the insurance industry as the costliest year in recent history in regards to natural disasters. While estimates varying regarding the total cost of disasters, Munich Re, a reinsurance and risk modeling organization, claims that 2011 generated more than $380 billion in worldwide insured losses, only a third of which was paid by insurance companies. The disasters have caused the global insurance industry to raise prices, but…
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Virginia appeals court rules insurance companies not responsible for global warming claims
In a case that has drawn significant attention from the insurance industry, the Virginia Supreme Court has ruled that Steadfast Insurance is not required to defend AES Corp., which is a defendant in Kivalina v. Exxon Mobil Corp, et al, a significant climate change case that is currently before the 9th Circuit Court of Appeals in San Francisco. Lawyers are expecting that over the next few years, there will be a rise in litigation for insurance coverage cases that are connected to climate change, making this case an important one…
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