Difference between revisions of "Chartered Insurance Institute"

From Powerbase
Jump to: navigation, search
 
(2 intermediate revisions by the same user not shown)
Line 1: Line 1:
 
==Report on fracking implications for insurance industry==
 
==Report on fracking implications for insurance industry==
In March 2017 the Institute published a report on the potential impact of fracking in the UK. It was based on 18 months of research by a group of high-profile industry leaders, drawing upon the evidence and views of insurers, lawyers, loss adjusters, energy companies and environmental groups.
 
  
:The report identifies and examines a number of key perils associated with fracking such as earthquakes, explosions and fire, pollution, injury and death. While cover for these risks are included in most insurance policies, fracking will pose additional complications around liability. Widespread fracking may also lead to increased claims frequency near fracking sites and then insurers may have to consider how they underwrite this emerging higher-risk group.
+
In March 2017 the Institute published a report on the potential impact of fracking in the UK. It was based on 18 months of research by a group of industry leaders, drawing upon the evidence and views of insurers, lawyers, loss adjusters, energy companies and environmental groups. According to a CII press release:
 +
 
 +
:The report identifies and examines a number of key perils associated with fracking such as earthquakes, explosions and fire, pollution, injury and death. While cover for these risks are included in most insurance policies, fracking will pose additional complications around liability. Widespread fracking may also lead to increased claims frequency near fracking sites and then insurers may have to consider how they underwrite this emerging higher-risk group. <ref> [https://www.politicshome.com/news/uk/economy/manufacturing/press-release/chartered-insurance-institute/84461/insurers-need Insurers need to prepare for the impact of increased fracking], Chartered Insurance Institute [republished on PoliticsHome], 20 March 2017, accessed 28 June 2017 </ref>
  
 
===Recommendations===
 
===Recommendations===
Line 14: Line 15:
  
 
==Publications==
 
==Publications==
*Insurance implications of fracking,  
+
*"Chartered Insurance Institute, 'Insurance implications of fracking', 20 March 2017
 
+
<references/>
 
[[Category:Fracking]]
 
[[Category:Fracking]]

Latest revision as of 05:58, 28 June 2017

Report on fracking implications for insurance industry

In March 2017 the Institute published a report on the potential impact of fracking in the UK. It was based on 18 months of research by a group of industry leaders, drawing upon the evidence and views of insurers, lawyers, loss adjusters, energy companies and environmental groups. According to a CII press release:

The report identifies and examines a number of key perils associated with fracking such as earthquakes, explosions and fire, pollution, injury and death. While cover for these risks are included in most insurance policies, fracking will pose additional complications around liability. Widespread fracking may also lead to increased claims frequency near fracking sites and then insurers may have to consider how they underwrite this emerging higher-risk group. [1]

Recommendations

Fracking is an emerging risk for the insurance profession and the group outlined three recommendations for insurers to prepare for this.
The key recommendations for insurers are:
  • The insurance profession needs to remain open and transparent about the risks of fracking by working together to monitor and discuss the issues as one profession
  • The insurance profession, energy industry and government need to work closely together to reduce the likelihood of potential risks occurring
  • Insurers need to be prepared for claims in the event of a fracking-related loss and consider policy wordings with increased fracking in mind

Publications

  • "Chartered Insurance Institute, 'Insurance implications of fracking', 20 March 2017
  1. Insurers need to prepare for the impact of increased fracking, Chartered Insurance Institute [republished on PoliticsHome], 20 March 2017, accessed 28 June 2017