Posted on 29 Mar 2010
The National Association of Insurance Commissioners (NAIC) adopted a new version of the Climate Risk Disclosure Survey during the Plenary session of the Spring National Meeting. The survey adopted replaces an earlier version approved in 2009.
The goal of the Insurer Climate Risk Disclosure Survey is to provide regulators with substantive information about the risks posed by climate change to insurers and the actions insurers are taking in response to their understanding of climate change risks.
Disclosure of climate change risks is important because of the potential impact of climate change on insurer solvency and insurance availability and affordability across all major categories of insurance: property casualty, life and health. The Insurer Climate Risk Disclosure Survey contains a set of questions to help regulators assess insurers’ risk assessment and management efforts and follow up with questions as necessary, subject to applicable examination and confidentiality provisions. The proposed disclosure builds upon existing climate risk disclosure mechanisms, but has an increased focus on issues related to insurer solvency and insurance availability and affordability. The objective is for initial disclosure by some insurers for Financial Reporting Year 2009.
Visit http://www.naic.org/Releases/2010_docs/NAIC_adopts_new_climate_survey.htm to access the survey.