climate risk
CLEE-Proposed Climate Risk Disclosure Legislation Passes CA Legislature
SB 261 results from CLEE report recommendation
The California Legislature passed two path-breaking climate risk disclosure bills this week. Both bills now go to Governor Gavin Newsom’s desk where he has until October 14th to sign them. Senate Bill 261 (Stern) requires major corporations to disclose climate change related financial risks, using a framework consistent with that of the Task Force on Climate …
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CONTINUE READINGBuilding Climate Resilience in California’s Insurance Sector
New report recommends strategies to prepare industry for a changing climate and economy – plus interview with Insurance Commissioner Lara
California’s insurance sector faces significant risks from climate change. These include both the transition risks facing all financial institutions as the global economy shifts toward decarbonization, and the singular combination of physical risks–wildfire, drought, coastal hazards, extreme heat—that threaten California’s communities and businesses. Accurately assessing these risks will be vital to ensuring the long-term viability …
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CONTINUE READINGInsurance Regulators Commit to TCFD-Aligned Risk Disclosure Survey
Updated survey signals greater industry focus on climate risks
Two weeks ago the National Association of Insurance Commissioners (NAIC) took a significant step in the assessment and disclosure of climate-related financial risk by updating its insurer climate risk survey to reflect the recommended disclosures of Task Force on Climate-Related Financial Disclosures (TCFD). The TCFD recommendations are widely recognized as a leading international standard for …
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CONTINUE READINGAddressing Extreme Heat Risk with Insurance
New report assesses potential for innovative insurance solutions to support response and mitigation
This past summer, California suffered through a record heat wave with triple-digit temperatures throughout the state that helped spark the record-setting wildfires that left millions of acres burned, thousands of people displaced, dozens dead or missing, and millions breathing toxic air. But extreme heat is a climate killer in its own right, responsible for thousands …
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CONTINUE READINGU.S. state insurance regulators take step toward addressing climate risk
I’ve spent some time over the past two years studying the relationship between the insurance industry and climate change. Yesterday there was an important development in this area: the National Association of Insurance Commissioners (NAIC) , the group of state regulators that collectively regulate insurance in the U.S., adopted for the first time a requirement that large insurers …
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