Reporting Developments Affecting the Insurance and Reinsurance Industries
In a September 1 InsureReinsure Blog post, I discussed the Federal Insurance Office Request for Information on the Insurance Sector and Climate-Related Financial Risks. Responses to the request were due to the FIO on or before November 15, 2021.
Read MoreFollowing up on proposed guidance released in March, the New York Department of Financial Services (“DFS”) on November 15 released “Guidance for New York Domestic Insurers on Managing the Financial Risks from Climate Change”.
Read MoreThe global reinsurance landscape is an interconnected, intertwined marketplace that continues to grow and evolve. As insurance companies, agencies, program administrators and other industry actors continue to expand their creative horizons and develop innovative insurance products, the need for reinsurance coverage has accelerated as well.
Read MoreIn addition to the discussion of the future of the energy sector at the 26th United Nations Climate Change Conference of the Parties (”COP26”) taking place in Glasgow, Scotland from October 31 – November 12, 2021, there has also been a discussion of the role of the insurance industry in addressing climate change.
Read MoreU.S. Representative Carolyn Maloney’s reintroduction of the Pandemic Risk Insurance Act (“PRIA”), which would create a shared public-private insurance program styled after the Terrorism Risk Insurance Act, has stirred skepticism among several trade groups.
Read MoreOn November 2, 2021, New York Congresswoman Carolyn Maloney reintroduced the Pandemic Risk Insurance Act (“PRIA”) in the U.S. House of Representatives. PRIA would create the Pandemic Risk Reinsurance Program (the “Program”), a shared public-private system that would require insurers to offer coverage in all commercial property and casualty lines of insurance for insured losses resulting from public health emergencies or future pandemics.
Read MoreOn October 8, 2021, the National Oceanic and Atmospheric Administration (“NOAA”) announced that the number of billion-dollar plus disasters so far in 2021 had achieved a new record high of 18 as of the end of September, putting 2021 on a pace to exceed the record number of billion-dollar plus disasters set in 2020.
Read MoreAllan L. McVey has been appointed as the West Virginia Insurance Commissioner by Governor Jim Justice. Mr. McVey has been the Cabinet Secretary for the West Virginia Department of Administration since January 2019.
Read MoreOn August 31, 2021, the Federal Insurance Office (“FIO”) issued a request for information regarding climate-related financial risk in the insurance sector. In the Request, the FIO laid out a conceptual framework for categorizing climate-related financial risk and its three pronged approach to implement portions of the President’s January 27, 2021 Executive Order on the Climate Crises and his May 20, 2021 Executive Order on Climate-Related Risk in the Financial Sector.
Read MoreGovernor Kathy Hochul announced that Adrienne Harris has been nominated as the new Superintendent of The New York State Department of Financial Services. Ms. Harris’ background includes being a former economic advisor to President Obama.
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