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Articles by Kemsley Brennan
Insuring against Climate Risk: Transition Risks
As climate impacts grow, businesses must identify and protect against transition risks through comprehensive risk management and insurance solutions. Key takeouts Transition Climate Risks arise from actions to reduce emissions and adapt to a lower emissions economy, including policy, legal, technology, market, and reputational risks. Insurers are developing new products like energy efficiency insurance to support businesses in managing transition risks and adapting their coverage.
Learn how insurance and risk management limits impact of shareholder litigation/regulatory enforcement for failure to address climate change impact. - Insight | MinterEllison
Following the recent article, in this three-part series, we will explore possible solutions available to help corporations manage their climate-related physical, transition and liability risks in respect of liability risks. What are climate liability risks? Liability risks can arise in relation to climate change. Businesses can face potential shareholder litigation and or regulatory enforcement if they do not adequately consider or respond to the impacts of climate change.
Insurance claims handling for unauthorised foreign insurers
On 1 January 2021, Schedule 7 to the Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (Cth) made 'claims handling and settling services' a 'financial service' in Australia. Since 1 January 2022, carrying on a business of providing these services in Australia has generally required a person or entity to hold an Australian Financial Services Licence (AFSL) with claim handling authorisation, or to be an authorised representative of an AFSL holder with this authorisation.
Results of ASIC review of general insurance TMDs
Key takeouts ASIC conducted a ‘targeted’ and ‘risk-based’ review of over 100 TMDs across general and life insurance products, assessed against the requirements in the Act and Regulatory Guide 274: Product design and distribution obligations. Insurers must carefully consider the latest recommendations and guidance given and ensure that TMDs are regularly (and rigorously) assessed for compliance with the requirements.
Business Interruption Insurance for COVID-19: First Australian Test Case | Lexology
The NSW Court of Appeal has recently delivered a highly anticipated decision for insureds and insurers in a test case relating to COVID-19 exclusion clauses. Key takeouts The NSW Court of Appeal recently delivered a highly anticipated decision in a test case relating to exclusion clauses referencing the Quarantine Act 1908 (Cth), and whether those references encompass the Biosecurity Act 2015 (Cth).
The #MeToo Movement: Implications for D & O in Australia | Lexology
This article indicates the impact that the #MeToo Movement may have on the Australian D & O insurance market and outlines some strategies that could be deployed by companies and their insurers to mitigate the risks. Key takeouts Insurers and directors should be alive to the risks presented by these types of allegations, and the potential scope of cover under the company's Directors' & Officers' (D & O) liability policy.
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