Washington Insurance Commissioner Mike Kreidler sent out his annual Climate Risk Disclosure survey, requiring insurance companies with more than $100 million in written premiums in the United States in 2022 to respond, his office announced on Friday.
The survey was developed by the National Association of Insurance Commissioners’ Climate Risk and Executive Committee Task Force, of which Kreidler is vice chair.
It aligns with the Financial Stability Board’s Task Force on Climate-Related Financial Disclosure and is designed to help insurance regulators and the public better understand the climate-related risks to the U.S. insurance market.
The Climate Risk Disclosure Survey is intended to provide:
- Transparency about how insurers manage climate-related risks and opportunities.
- Guidance on identifying good practices and vulnerabilities.
- A baseline tool to assess how climate-related risks may affect the industry.
- Promotion of strategic management and shared learning for insurers.
- A vehicle for collaboration among regulators and interested parties on climate-related issues.
- Alignment with international climate risk disclosure frameworks.
The NAIC adopted the Climate Risk Disclosure Survey in 2010. In 2012, Washington, California and New York first administered the survey to companies writing at least $300 million, and lowered the threshold to $100 million a year later. For reporting year 2021, 26 states and territories participated and more than 1,500 companies responded, representing nearly 80% of the national insurance market, according to Kreidler’s office.
Survey responses are due on August 31. Results are expected to be available this fall on the California Department of Insurance website.
Topics Carriers Trends Washington Climate Change