The insurability of ecological damage
Legislative initiatives within the European Union, as well as at the United Nations, the European Parliament and in various countries are currently aimed at introducing a liability regime for dealing with ecological damage.
Focusing on Europe, the authors describe the political and legal framework for handling environmental losses today, and survey selected insurance markets to present an overview of the insurers' response. The publication goes on to discuss a cover concept which, from an underwriting point of view, might be capable of taming the complex risks associated with ecological damage.
Legal developments are challenging Europe's insurers – and particularly reinsurers – to take a stand as to ecological damage insurability, and to develop concepts for suitable covers. The intention behind this publication is to foster public awareness of the problem, as well as to promote understanding for the position of the insurance industry in general and Swiss Re in particular.
