Lawsuits related to climate change could expand faster than the explosion of asbestos claims and have significant impact on insurers, Swiss Re warns in a new report.
The Zurich-based firm, in an examination of the consequences of globalization of class actions on insurers, said that "we expect…climate change-related liability will develop more quickly than asbestos-related claims, and believe the frequency and sustainability of climate change-related litigation could become a significant issue within the next couple of years…"
The company advised that "given the potential implications of this shift for the insurance industry, developments need to be monitored closely."
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