Executives Could Face Liability Over Climate Change
CERES: Company executives could find themselves losing protection against climate
change-related liability claims brought by shareholders. SwissRe, the
world's second-largest reinsurer, has announced it will withdraw coverage of such claims for senior executives of companies that fail to adopt adequate
climate change policies. In the November issue of Environmental Finance,
Roger Wenger of SwissRe said, "As an insurer, we only give coverage to
'fortuitous events.' If it is predictable that a liability would arise, we
would have to exclude that cover from the policy."
The insurance industry understands the issue far better than the White House. They don't need scientific certainty; their whole business is about playing the odds. And they can't even afford the risk of climate change and its consequences.
Look for actions like these to have far more impact on business practices than treaties and regulations.
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