Insurers Must Disclose Global Warming Prospects and Strategies

(Bloomberg) — U.S. insurance companies must begin disclosing their efforts to manage the financial risks of climate change, state insurance regulators said.

Companies with premiums of $500 million or more must say how they are assessing climate risks and what steps they are taking to fight global warming, said Joel Ario, commissioner of the Pennsylvania Insurance Commission. The mandate was approved today by the National Association of Insurance Commissioners, which includes chief insurance officials of the 50 states, the District of Columbia and five U.S. territories.


The chances for extreme weather such as heavy rainfall and deadlier storms are increasing as worldwide temperatures rise, the U.S. Climate Science Program said last year. Those conditions can affect the solvency of insurers and the affordability of coverage, the regulators said.