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Climate lawsuits the 'New Asbestos': 'Could expand faster than explosion of asbestos claims -- Significant impact on insurers'

Excerpt: Lawsuits related to climate change could expand faster than the explosion of asbestos claims and have significant impact on insurers, Swiss Re is warning in a new report. The Zurich-based firm, in an examination of the consequences of globalization of class actions on insurers, said, “We expect, however, that 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, “Given the potential implications of this shift for the insurance industry, developments need to be monitored closely.”