Climate change becoming a major focus for the global insurance industry, according to Munich Re

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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Clean Energy & Technology Practice announced by Travelers Companies Inc.

The Travelers Companies, Inc., which is already known for its products to help to provide coverage and mitigate risks for clean technology and energy companies, has now launched its Clean Energy & Technology Practice. The company has been providing these types of coverage for over twenty years and its new Practice will provide a new line of insurance products that are streamlined and specifically designed for businesses that offer clean energy and technology. It will help them to obtain coverage while managing their claims and risks. According to the president…

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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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NM cattle ranchers battle new federal drought protection policy

Cattle ranchers in New Mexico are up in arms over a new federal insurance policy that they purchased under the belief that it would provide them with drought protection, but that isn’t helping them because satellites are reporting that there is still too much “greenness” in the state. The primary problem is that there isn’t any grass for the livestock to consume. In fact, this year the conditions are so devastating that cattle ranchers have been selling their animals in record numbers because they can’t afford to purchase their feed.…

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