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    Lessons learned: Fumigant poisoning fatality on board MV Jupiter

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    Dover Calais

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    Navies answer passenger vessel distress call in Strait of Hormuz

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    Book Review: A role model for ship managers

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    power of hug

    The power of hugging: How it affects our health

    Impostor Syndrome

    Mental Health Focus: How to deal with Impostor Syndrome

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    Bound4Blue's Cristina Aleixendri Munoz wins Nor-Shipping 2023's Young Entrepreneur Award

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    carbon capture project

    ABS joins international working group to study onboard carbon capture

    Kongsberg to provide the technology for new Suez Canal tugboats

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    WinGD and Mitsubishi Shipbuilding ink MoU for ammonia partnership

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    What does Europe’s ‘Fit for 55’ mean for shipping?

    FEPORT: Policymakers should ensure a level playing field has context menu

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    Ship recycling: A solution for plastic pollution and environmental protection

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    The EU’s objectives for sustainable shipping

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SAFETY4SEA

ESG risks could be a future driver of liability losses

by The Editorial Team
August 4, 2022
in Green Shipping, Shipping
nyk esg

Credits: Shutterstock

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Activity around environmental, social and governance (ESG) and sustainability issues is increasing as governments and citizens exert pressure on businesses to change their ways for the greater good, says Allianz says in its recent Global Claims Review 2022.

Climate change is already a top boardroom issue, as companies face an array of physical and liability-related risks from a more extreme climate and from the transition to a low- or no-carbon economy.

However, social issues are also a growing area of exposure, from diversity and inclusion through to an organization’s impact on local communities and supply chains.

Climate change-related litigation is likely to become a significant source of liability exposure for companies and their directors in coming years. The D&O insurance market has already seen claims related to climate change, such as in the aftermath of the California wildfires in 2018, and companies increasingly face the prospect of litigation from activist shareholders seeking to influence company policy or compensation for alleged damage related to past pollution.

RelatedNews

Strategic Marine and Metizoft Asia sign deal for ESG application

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Almost 2,000 climate change-related lawsuits have been launched to date – half of them in the past seven years.

Another potential exposure comes from claims of ‘greenwashing’, where a company is sued for unsubstantiated or misleading ESG claims, or its failure to match commitments with action. With growing reporting requirements, companies and their directors will face growing liability from climate-related disclosure and breach of fiduciary duty.

Environmental factors are also affecting product liability and construction claims. Extreme weather and unpredictable seasonal variations in climate can affect the quality and performance of building design and materials as the consequences of climate change intensify.

AGCS has already seen a number of claims where products fail to meet performance expectations in changing environmental conditions, including adhesives used in the windows of high-speed trains being affected by UV light. Claims have also arisen from building cladding and paint finishes that failed to perform in extreme temperatures.

Tags: AllianzESGgreen practicessustainabilitytrends

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