Treasury’s Federal Insurance coverage Workplace Takes Vital Step to Assess Local weather-related Monetary Danger – Seeks Touch upon Proposed Knowledge Name

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WASHINGTON – Immediately, the U.S. Division of the Treasury’s Federal Insurance coverage Workplace (FIO) issued a proposed knowledge assortment from insurers to evaluate climate-related monetary threat throughout the US. FIO is looking for public enter on a proposed assortment of information from property and casualty insurers relating to present and historic underwriting knowledge on householders’ insurance coverage. 

The information assortment can be aggregated on the ZIP Code degree for a particular subset of insurers and wouldn’t contain knowledge on particular person householders or different insured entities. The proposal represents a vital step towards supplying FIO with constant, granular, and comparable insurance coverage knowledge wanted to assist assess the potential for main disruptions of personal insurance coverage protection in areas of the nation which are notably weak to the impacts of local weather change. The proposed knowledge assortment would additionally assist FIO’s work to evaluate each the provision of insurance coverage for hundreds of thousands of Individuals in addition to the affordability of such insurance coverage.

“Immediately’s motion by the Federal Insurance coverage Workplace is a vital step in figuring out how Individuals are being affected by the growing prices of local weather change,” mentioned Secretary of the Treasury Janet L. Yellen. “The current impacts in Florida from Hurricane Ian display the vital nature of this work and the necessity for an elevated understanding of insurance coverage market vulnerabilities in the US. FIO’s knowledge assortment will add to the work of regulators and policymakers throughout the Administration to evaluate climate-related dangers to the monetary system, the U.S. economic system, and the American folks.”

The feedback submitted by the general public will inform FIO’s work in responding to President Biden’s Govt Order on Local weather-related Monetary Danger, EO 14030 (Might 20, 2021). Underscoring the vital function of the insurance coverage sector in responding to climate-related monetary dangers, EO 14030 referred to as for FIO to “assess, in session with States, the potential for main disruptions of personal insurance coverage protection in areas of the nation notably weak to local weather change impacts.” On August 31, 2021, FIO outlined its priorities with regard to climate-related monetary threat in a request for data on the insurance coverage sector and climate-related monetary dangers. The information assortment proposed in the present day is one other step in FIO’s continued efforts on this space.

A replica of the request for public feedback is offered right here. A replica of the proposed knowledge assortment template is offered right here. A replica of the directions for the proposed knowledge assortment is right here. A replica of FIO’s August 2021 request for data is offered right here. For extra data on FIO, see right here.



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