Climate Change Rule Looms For Ill-Prepared Insurers
By Bibeka Shrestha
Law360, New York (March 27, 2013, 8:33 PM EDT) -- After a recent report found insurers largely unprepared for climate change, Georgia lawmakers are considering following other states and adopting a controversial requirement forcing insurers to identify climate risks, a measure attorneys say could catch on despite the industry's insistence that it's more burdensome than beneficial.
Six Democrats in the Georgia House of Representatives last week floated a resolution urging the state insurance commissioner to mandate that insurers detail their preparations for climate-related risks.
So far, California, New York and Washington stand alone in requiring the...