NAIC testimony on the impact of climate change on the insura

 

Saturday, Mar 14,2009, 2:35:43 PM   Click:

WASHINGTON, DC (March 12, 2009) - The testimony today on behalf of the National Association of Insurance Commissioners (NAIC), Wisconsin Insurance Commissioner Sean Dilweg appeared at a hearing entitled "Climate Science: Empowering Our response to climate change. "Dilweg testified about the impact of climate change on the insurance industry.

"Insurance companies and consumers will be among the first to feel the effects of climate change, so that the evolution of climate science is of great interest to us as regulators, and is a key tool for companies we regulate, "said Dilweg members of the U.S. Senate Committee on Commerce, Science and Transportation." The NAIC has adopted a forward-looking approach to the development of assessment tools that allow for identify the potential impact of climate change on insurers and insurers must assess these risks. "

Dilweg discussed the work of the NAIC Climate Change and Global Warming Task Force, and emphasized the Working Group white paper, the potential impact of climate change on insurance regulation. The paper analyzes the effects of climate change on the insurance industry investment decisions, information and underwriting practices. The document also stresses the need to improve programs for mitigation and land use policies that reflect the potential impact of climate change.

In addition, insurance regulators, working together through the NAIC, have drafted a risk insurance climate Disclosure Survey. The survey is a unique tool that was developed to assist regulatory authorities to measure the impact of climate change on police operations and insurer.

"We have taken important first steps to the NAIC, but more can be done," Dilweg said. "We are encouraged that the Committee shares our common interest to have accurate climate science to preserve critical policy decisions."
Click HERE for the full text of his testimony Dilweg.

About the NAIC

Established in 1871, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of chief insurance regulatory officials of the 50 states, the District of Columbia United States and five territories. The NAIC has three offices: Executive Office, Washington, DC, Headquarters, Kansas City, Mo., and securities valuation office of the New York City. NAIC serves the needs of consumers and industry with an objective to support the state regulation of insurance because they protect consumers and maintain the financial stability of the insurance market. For more information, visit www.naic.org.