Washington Insurance Commissioner Mike Kreidler is sending out his annual Climate Risk Disclosure survey, which requires insurance companies with more than $100 million in written premiums in the United States in 2022 to respond, his office announced Friday.
The survey was conducted 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 Disclosures and is designed to help insurance regulators and the public better understand climate-related risks in the US insurance market.
The Climate Risk Disclosure Survey is intended to provide:
- Transparency about how insurers manage climate-related risks and opportunities.
- Guide to identifying good practices and vulnerabilities.
- A baseline tool to assess how climate-related risks impact industry.
- Promoting strategic management and shared learning for insurers.
- A vehicle for collaboration between regulators and interested parties on climate-related issues.
- Alignment of 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 in late. For the 2021 reporting year, 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 August 31. Results are expected to be available this fall on the California Department of Insurance website.
Topics
Carrier Trends Washington Climate Change
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