Treasury Department’s Federal Insurance Office Takes Significant Step To Assess Climate-Related Financial Risks – Seeks Comments On Proposed Data Call

WASHINGTON – Today, the U.S. Department of the Treasury’s Federal Insurance Office (FIO) announced a proposed collection of data from insurers to assess climate-related financial risks across the United States. FIO is seeking public comment on proposed data collection from property and casualty insurers regarding current and historical underwriting data for homeowners insurance.

Data collection is aggregated at the zip code level for a specific subset of insurers and does not include data on individual homeowners or other insured persons. The proposal will provide the FIO with the consistent, granular, and comparable insurance data it needs to assess the potential for significant disruption of private insurance coverage in areas of the country that are particularly vulnerable to the impacts of climate change. represents an important step to The proposed data collection will also help his FIO work assessing both the insurance available to millions of Americans and the affordability of such insurance.

Treasury Secretary Janet L. Yellen said: “The recent impact of Hurricane Ian in Florida demonstrates the importance of this work and the need to develop a better understanding of the vulnerabilities of the U.S. insurance market. It adds to the work of regulators and policymakers across government to assess climate-related risks to the American public.”

Comments submitted by the public inform FIO’s work in response to President Biden’s Executive Order on Climate-Related Financial Risks, EO 14030 (May 20, 2021). EO 14030 stresses the important role of the insurance sector in addressing climate-related financial risks and calls on FIO to “consult with states to increase private insurance coverage in areas particularly vulnerable to climate change. “Evaluate the potential for major disruption.” Influence. On 31 August 2021, the FIO outlined its climate-related financial risk priorities in its Request for Information on the Insurance Sector and Climate-Related Financial Risks. The data collection proposed today is another step in his FIO’s ongoing work in this area.

A copy of the public comment request is available here. A copy of the proposed data collection template is available here. A copy of the proposed data collection procedure can be found here. A copy of FIO’s August 2021 Request for Information is available here. More information on FIO can be found here.

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