Insurance Company Climate Change Impact Disclosures
In a news release February 1, 2012, it was announced that insurance commissioners in California, New York and Washington State will require companies to disclose how they intend to respond to risks their businesses and customers face from increasingly severe storms and wildfires, rising sea levels, and other consequences of climate change.
According to the release, a disclosure survey will be mandatory for companies writing policies worth more than $300 million nationwide. Roughly 25 percent of the industry’s large property, casualty and life insurance companies participated in an earlier version of the survey sent out by California and five other states in 2011. A rule change, combined with California’s partnership with New York and Washington, will mean that 300 of the larger insurers will have to comply.
Publication Date: February 1, 2012