DEVELOPMENT OF ENVIRONMENTAL LIABILITY RISK MANAGEMENT AND INSURANCE IN THE UNITED STATES: LESSONS AND OPPORTUNITIES

The United States has the most developed system of environmental laws and regulations in the world. Not surprisingly, its systems for managing and insuring environmental risks are also the most evolved. Lessons can be learned from examining systems in the United States, particularly their considerable problems. The purposes of this paper are (1) to examine the development of U.S. environmental liability risk management and insurance systems, and (2) to present potential opportunities in this area for risk financing groups and other countries.