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Torts --- Liability (Law) --- Liability insurance --- States.

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Casualty insurance --- Employers' liability insurance --- United States.

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From the increasing incidence of environmental pollution and soil contamination, to recurring natural disasters, the risks posed by the constant interaction between human activities and the environment are diverse, manifold and often catastrophic in their consequences. Therefore, the elaboration of effective risk-management plans, aimed at formulating viable response strategies, requires the contribution of all the economic actors involved: private parties, financial institutions, governments and international organizations. This report focuses on the role of insurance and reinsurance companies in the management of environmental risks - environmental pollution risk and natural catastrophe risk in particular. It discusses the issue of insurability of such risks, analyses the increasing risk of liability for environmental pollution and the underlying trends in the development of environmental liability regimes in OECD countries. It also presents an overview of the various environmental pollution insurance products and techniques developed in response to legal and factual evolutions. In addition, it describes the special features of natural catastrophe risks, the role of traditional insurance markets in the coverage of such perils, and alternative options of coverage, from governmental disaster schemes to new financial market instruments.

Insurance, Pollution liability. --- Investments -- Environmental aspects. --- Investments. --- Liability for environmental damages. --- Liability for environmental damages --- Pollution liability insurance --- Law, Politics & Government --- Law, General & Comparative --- Environmental impairment liability insurance --- Environmental liability insurance --- Insurance, Pollution liability --- Liability insurance, Pollution --- Environmental damages, Liability for --- Insurance --- Environmental law --- Liability (Law) --- Torts --- Investing --- Investment management --- Portfolio --- Finance --- Disinvestment --- Loans --- Saving and investment --- Speculation

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This report examines the money spent to resolve asbestos-related injury lawsuits: who pays it, who receives it, and for what purposes. After sketching the tangled context in which spending occurs for asbestos product liability litigation in the introduction, subsequent sections analyze the actual costs incurred by plaintiffs, defendants, and insurers in the course of processing asbestos suits to resolution. The analysis focuses on net compensation (money received by injured persons after deducting litigation expenses), and on defense and plaintiff expenses (money paid to operate the legal and insurance systems through which society decides who should receive how much compensation and arranges for actual payment). Finally, the authors total the expenditures and examine the ratio between litigation expense payments and net compensation (the "overhead" costs incurred in generating one dollar in payment to an injured person).

Products liability --- Asbestos industry --- Actions and defenses --- Products liability insurance --- Costs (Law) --- Asbestos --- Law and legislation

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Congress enacted the Superfund program in 1980 to clean up the nation's worst inactive hazardous-waste sites. Superfund uses a liability-based approach intended to help government tap private-sector resources to finance and conduct cleanups. Based on an examination of the activities and expenditures of two sets of private parties--large industrial firms (the potentially responsible parties, or PRPs) and insurance companies--this report studies empirically the effects of Superfund's liability-based approach on the cost of waste-site cleanup. The analysis focuses on insurer and PRP expenditures and the breakdown of those expenditures into cleanup and transaction costs (incurred in resolving disputes about who is responsible for cleanup). The analysis includes cleanups instigated by state programs and those undertaken privately, as well as those that are in the federal Superfund program. The research suggests that there is considerable variation in transaction-cost shares across sites. More information on the characteristics of the nation's inactive hazardous-waste sites would provide a better prediction of what transaction costs will ultimately be. However, it may only be as time passes and more sites move into the later stages of the cleanup process that we will be able to develop an accurate picture of the transaction costs generated by the liability-based approach of Superfund and similar state laws.

Hazardous substances --- Liability for hazardous substances pollution damages --- Liability insurance --- Law and legislation --- Compliance costs