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When it comes to environmental losses, one clear trend is “we are seeing a lot more claims,” says Chris Smy, a managing director and the global Environmental practice leader at Marsh. “Historically, Environmental insurance is perceived to be a high-severity, low-frequency [risk]. But as the business has moved toward more insureds buying operational coverage, as opposed to insurance for long-term transactional deals, more risks have been realized. This might be in part because, with regulatory developments, there’s more enforcement focus—particularly in the U.S. 

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