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8. Insurance

The insurance industry is increasingly concerned with assessing environmental risks when making insurance evaluations. As more companies are required to pay for the damage they do, insurance companies use environmental audits to assess environmental risks prior to issuing e policies.

Some insurance companies have experienced enormous claims on general risk insurance policies. In the early 1990s, US insurers incurred over $30 billion in Environmental and Asbestos (E&A) costs. Most of these incurred losses were related to policies written the mid 1980s.

Insurance companies are giving less blanket policies and splitting the possible environmental risks in to a number of categories. Insurance companies are becoming proactive and predicting possible losses rather than waiting for them to happen.

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2002 Edition