On July 17, 2013, the Connecticut Insurance Department (the “Department”) announced that it is requiring Connecticut-based insurers writing annual premiums of more than $100 million in 2012 to complete an annual Climate Risk Survey (the “Survey”). According to the Department’s press release, 110 insurers meet the requirement criteria and must complete and submit the Survey by August 30, 2013.
The Survey was initially adopted in 2009 as a voluntary report by the National Association of Insurance Commissioners (NAIC). It consists of eight questions and requires insurers to provide a description of the steps it has taken with respect to risks associated with climate change. Survey topics include helping policyholders mitigate potential losses, identifying geographical areas of business at risk and describing the use of computer modeling. In addition, submitters must summarize any climate-related policy it may have with respect to investment management.
Despite NAIC approval, there are only four other states (California, Minnesota, New York and Washington) that have made the Survey mandatory.
