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CLIMATE CHANGE WORKING PARTY
Chairman:
ABOUT THE CLIMATE CHANGE WORKING PARTY
Formation
The formation of the AIDA Climate Change Working Party under the Chairmanship of Tim Hardy was approved by the AIDA Presidential Council at their meeting in Lisbon on 11 November 2010. Prof Marco Frigessi was later appointed as Vice Chairman.
This followed the interest generated by the responses given by National Sections to the "Climate Change and Insurance Law" Questionnaire devised by Prof Marcel Fontaine as one of the main themes at the XIII AIDA World Congress held in Paris in May 2010 and by the presentations delivered there.
Attached are two files:
- File 1
- File 2
containing copies of the 21 National Reports delivered to Prof Fontaine, together with one supplementary report from Germany delivered by Claudia Föllmer. (Two further reports delivered from Argentina by Rosanna Bril and Maria Kavanagh respectively are to be found in the collection of reports described immediately below.)
Also attached are copies of and/or follow-up reports based upon most of the presentations delivered during the "Climate Change and Insurance Law" Theme session conducted in Paris at the XIII World Congress on 20 May 2010.
General Report
Attached is the Climate Change General Report prepared by Prof Marcel Fontaine.
Also attached is the form of presentation delivered by Tim Hardy to three branches of the Australian Insurance Law Association in January/February 2011 to mark the publication of the General Report and the formation of the AIDA Climate Change Working Party. The principal conclusions drawn by the General Report are identified and certain issues discussed and elaborated upon. A similar presentation was also delivered in Singapore on 18 January 2011 on the occasion of the 1st Climate Change Summit for Asia's Insurance Industry staged jointly by Asia Insurance Review and the Geneva Association.
Purpose
Naturally the emphasis and greatest value of the WP's work is expected to be directed upon the insurance (including reinsurance and other risk transfer methods) and the legal implications of the phenomenon of Climate Change across jurisdictions but in its very widest sense.
Literature on Climate Change is more than abundant. Much has already been written on the various impacts of climate change on the insurance sector, but much less on the legal aspects.
Our purpose is to go beyond a mere description of initiatives taken by the insurance sector, to concentrate on their legal expression in clauses, general conditions or new types of policies, and on the new legal issues that have come up, or probably will in the foreseeable future, and how these evolve over time.
Projected areas of study/session topics/reports
These will be selected over time according to their perceived significance or suitability for comparative study. Given the vast scope of the climate change phenomenon and its potential legal implications different work streams or sub-groups are expected to be formed to concentrate energies and to accelerate progress.. Some initial areas of importance which have already been identified include:
a. Analysis of reports on Climate Change (and insurance implications) generated by governments, industry, associations, research groups etc.
b. Identification/consideration of significance of legislation and other regulatory measures /protocols/ initiatives (at national, regional and international level) implemented to combat effects of Climate Change.
c. Evolution of Climate Change litigation in the US and elsewhere.
d. Impact of Climate Change upon traditional lines of insurance and reinsurance (and legal issues arising).
e. Creation/development of new lines/types of (re)insurance and other products (and legal issues arising) and classification of certain existing products (such as weather derivatives) in the insurance/financial markets.
f. Special interest topics: i) Carbon Capture & Sequestration/Storage; ii) Use of cat bonds/ART for weather/carbon market risks etc; and iii) Large-scale natural hazard/pollution liability issues.
Meetings of the Working Party
1. First Meeting: Amsterdam - 26 May 2011
The first meeting of the AIDA Climate Change Working Party took place on Thursday 26 May 2011 at the NH Barbizon Palace Hotel in Amsterdam on the occasion of the Third AIDA Europe Conference.
The Agenda for that meeting is attached.
Presentations delivered at the meeting and/or papers submitted for the meeting or to which reference was made in the Agenda may were as follows:
"Impact of Climate Change and responses around the world"
Presentation by Chris Rodd, CGU Insurance, Melbourne: "Impact of Natural Disasters - Immediate and potential implications for the climate change insurance and legal landscape" (Australia)
Presentation by Dra. María Silvia Moron Kavanagh, Lawyer, Buenos Aires: "Climate Change and its Impact on Agriculture in Argentina" (Argentina) (English and Spanish versions)
The following further papers or presentations were submitted or cited in this area:
Paper by Dr Rossana F Bril, Lawyer, Estudio Bril, Buenos Aires: "Mandatory Environmental Insurance - Environment Court Decisions - New Opportunities. New Challenges." (Argentina)
Paper by Dr Rossana F Bril and Felipe F Aguirre, Lawyers, Buenos Aires: "Climate Change and Agriculture Insurance" - delivered to CILA in Paraguay, April 2011 - (Argentina) (English and Spanish versions)
Paper by Dr Florencia Mangialardi, Lawyer, Estudio Mangialardi y Associados, Buenos Aires: "Defensive measures in Argentina" (Argentina)
Presentation by Richard Cook, Lawyer, Xchanging, London: " The 2011 Tohoku Earthquake and Tsunami, Japan (11D)" - presented to BILA 20 May 2011 (UK)
Presentation by Daniel Saville, Lawyer, Reynolds Porter Chamberlain LLP, London: "The Tohoku Earthquake & Tsunami - Legal Issues" - presented to BILA 20 May 2011 (UK)
"Climate Change Liability and Litigation"
Sample extracts of Columbia Law School Climate Change US & Non-US litigation charts
"Carbon Insurance and other "new" products"
Presentation by Cedric Wells, Senior Legal & Claims Manager, SCOR P&C, Paris: "Carbon Credits & Insurance - Can Insurance address the current and future needs of the industries?" (France)
Dissertation by Cedric Wells, Paris delivered to ENASS in April 2011 and accepted with honours : " Carbon Credits & Insurance - Can Insurance address the current and future needs of the industries?" (France)
Note of presentation by Soren Theilgaard, Head of Legal Scandinavia, Chartis Europe : "New Products, developments since May 2010" (Denmark)
It may be noted that representatives from over 20 countries registered for the first meeting.
It was resolved that Stijn Franken should assume the role as Secretary to the Working Party.
Future work projects should be explored and settled with timetables initially it is proposed in accordance with four principal work areas as follows: 1) Impact of Climate Change and responses around the world ; 2) Climate Change Liability and Litigation; 3) Carbon Insurance and other "new" products ; and 4) Reinsurance/ART/funding for weather/carbon-market risks and regulatory treatment.
Other areas of priority were agreed as being:
- settling of work area project topics, targets and timetables;
- recruitment of further members and the appointment of work area leaders;
- future regular publication of collected materials from work area activities;
- collaboration with other groups/activities/events (inc. of other AIDA Working Parties); and
- utilisation of the Climate Change Working Party page of the AIDA website for both the collection of materials and for the dissemination of useful information between members.
The full Minutes of that meeting are attached.
2. Second Meeting: Tel Aviv - 7 September 2011
The second meeting of the Working Party took place between 18:30hrs and 20:30hrs on Wednesday 7 September 2011 at the Hilton Hotel in Tel Aviv on the occasion of the AIDA Israeli National Section staging their Colloquium on 7/8 September 2011 and hosting meetings of the AIDA Presidential Council.
The Agenda for that meeting chaired by Tim Hardy is attached.
The presentations prepared for the meeting were:
The presentations can be viewed here
Attached are the Minutes of that Meeting and note of attendees/apologies.
3. Third Meeting: Istanbul - 4 May 2012
The third meeting of the Working Party is due to take place between 09:00hrs and 11:00hrs on Friday 4 May 2012 at the Marmara Hotel - Taksim in Istanbul on the occasion of the AIDA Presidential Council Meeting staged and hosted jointly by the AIDA Turkey and German National Chapters between 2 and 5 May 2012.
The Agenda for that meeting to be chaired by Tim Hardy is attached.
The presentations made at the meeting were:
- Implications of the published reports into the 2011 Queensland Floods and the Australian Federal Government Enquiry - Natural Disaster Insurance Review - Presentation made by Chris Rodd, Technical Counsel, CGU, Melbourne and Monash University (AUSTRALIA)
- Update on Climate Change Liability cases in the US Supreme Court and elsewhere - Presentation made by Tim Hardy, CCWP Chair and Vice President, BILA (UK)
- Catastrophe damages and insurance within the EU framework - Presentation made by Prof Marco Frigessi di Ratalma, CCWP Vice Chairman, Professor University of Brescia - Law School and of Counsel, Simmons & Simmons LLP, Milano (ITALY)
- Weather derivatives' regulation: open issues and new opportunities for risk coverage products - Presentation made by Prof Paolo Rainelli, Adjunct Professor of Business Law at the Politecnico of Turin and Associate, Cleary Gottlieb Steen & Hamilton LLP of Milan (ITALY)
A copy of the Minutes of that Meeting and other materials will be posted shortly.
4. Next Meeting: London- 13 September 2012.
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