March 19, 2009
Insurance Companies Told to Account for Climate Change Risks
Insurance companies must tell regulators about financial risks brought on by climate change, according to a new mandate from the National Association of Insurance Commissioners (NAIC).
Additionally, insurance companies are mandated to tell regulators what they are doing to respond to those risks.
Any insurance company with premiums of more than $500 million annually must file an Insurer Climate Risk Disclosure Survey once a year. The initial reporting deadline is May 1, 2010.
The NAIC discussed this revision at a meeting last December.
For the insurance industry, 2008 was the third most expensive year on record, due to catastrophe damage, which insurers say is attributed to climate change.
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