Filed Under:Risk Management, Weather Risk

IQ: 3 States to Require Insurers to Reveal Climate Change Response Plans

Insurance commissioners in New York, California and Washington State will require that insurance companies disclose their responses to the risks their insureds face from increasingly severe storms and wildfires, rising sea levels and other consequences of climate change.

The survey will be mandatory for insurance companies writing policies worth more than $300 million nationwide. Ceres, a Boston-based nonprofit, created the survey. Based on results from last year’s survey, only 11 of the 88 companies surveyed reported having formal policies to manage climate change.

2011 was one of the most active on record for natural catastrophes, with 253 events generating an economic loss of $435 billion, according to Aon Benfield’s Annual Global Climate and Catastrophe Report. The 10 largest natural catastrophe insured losses represented 81 percent of the total insured loss figure—$107 billion—and included four severe weather events, three earthquakes, two floods and one tropical cyclone.

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