Climate Change

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New York Department of Financial Services (DFS) released its climate change guidance New York domestic insurers for comment on March 26, 2021. The Guidance, found here, seeks to support domestic insurers in managing the financial risks associated with climate change.
Read More New York Department of Financial Services Issues Proposed Guidance for Managing the Financial Risks of Climate Change

On March 12, 2021, the Connecticut Committee on Insurance and Real Estate introduced S.B. No. 1047, An Act Concerning Insurance And Climate Change. The stated purpose of the bill is to require (1) the Insurance Commissioner to (A) develop and implement criteria for each insurer doing business in this state to annually submit a report to the commissioner concerning climate risk, and (B) annually submit a report to the joint standing committee of the General Assembly having cognizance of matters relating to insurance; and (2) each insurer doing business in this state to annually submit a report to the commissioner concerning climate risk.
Read More Connecticut’s Bill Concerning Insurance And Climate Change

Dave Jones, California Insurance Commissioner took an aggressive stand on Climate Change in a Press Release issued June 21, 2017, stating that if any “…climate denying politicians of red states who threaten to sue me, I will happily defend my obligation as California’s Insurance Commissioner to make sure insurers are…
Read More You don’t need a weather man to know which way the wind blows* (*Bob Dylan)

On September 29, 2015, the Bank of England’s Prudential Regulation Authority (“PRA”) issued a report analyzing the impact of climate change on the UK’s insurance sector. The report was based on survey responses from thirty PRA regulated insurance companies, four roundtable discussions with representatives from the insurance industry and discussions…

Read More The UK’s PRA Assesses Climate Change Risks to the Insurance Industry

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. …
Read More Connecticut Now Requires Insurers to Report on Steps Taken to Handle Climate Change Risk

The California Department of Insurance (the “CDI”) has issued a press release announcing that it has joined with the Washington and New York State Insurance Departments to require insurers to respond to the Climate Risk Survey adopted by the National Association of Insurance Commissioners (the “NAIC”) in 2009. …
Read More States to Require Insurer Participation in Climate Risk Disclosure Survey

The U.S. Supreme Court justices on Tuesday questioned whether a common law public nuisance suit against major greenhouse gas emitters was treading on territory usually, and perhaps more fittingly, handled by the U.S. Environmental Protection Agency (EPA). …
Read More U.S. Supreme Court Takes Up Climate Change Public Nuisance Suit

Natural gas obtained from shale formations using the controversial method of hydraulic fracturing (“hydrofracking”) have a higher greenhouse gas footprint than when obtained from conventional methods, according to a study recently released by the academic journal Climate Change Letters. …
Read More Hydrofracking: Study Finds “Shale Gas” May Have Greater GHG Footprint Than Coal

Launched by Prince Charles in 2007, ClimateWise is global collaboration of leading underwriters and brokers focused on reducing the risks of climate change.  For a complete list of member insurance companies, click here. …
Read More Prince Charles’ ClimateWise Finds Insurers Are Increasing Investment in Climate-Friendly Businesses