TESTIFIES ON IMPACT OF CLIMATE CHANGE ON INSURANCE
WASHINGTON, D.C. (March 12, 2009) - Testifying
today on behalf of the National Association of Insurance
Commissioners (NAIC), Wisconsin Insurance Commissioner Sean Dilweg
appeared during a hearing titled, "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 the evolution of climate
science is of keen interest to us as regulators, and is a key tool
for the companies we regulate," Dilweg told members of the U.S.
Senate Committee on Commerce, Science and Transportation. "The NAIC
has taken a forward-looking approach to developing assessment tools
that identify the potential impact climate change has on insurers
and how insurers are assessing those risks."
Dilweg discussed the work of the NAIC Climate Change and Global
Warming Task Force, and highlighted the Task Force's white paper,
The Potential Impact of Climate Change on Insurance
Regulation. The paper discusses the effects of climate change
on insurance industry investment decisions, disclosures and
underwriting practices. The paper also stresses the need for
improved mitigation programs and land-use policies that reflect the
potential for climate change impact.
In addition, insurance regulators, working together through the
NAIC, have drafted an Insurance Climate Risk Disclosure Survey. The
survey is a uniform tool that was developed to help regulators
measure the impact of climate change on policyholders and insurer
"We've taken some important first steps at the NAIC, but more can
be done," Dilweg added. "We are encouraged that the Committee shares
our common interest in having accurate, objective climate science to
back up critical policy decisions."
Click HERE for the full text of Dilweg's testimony.
About the NAIC
Formed in 1871, the National Association of Insurance Commissioners
(NAIC) is a voluntary organization of the chief insurance regulatory
officials of the 50 states, the District of Columbia and five U.S.
territories. The NAIC has three offices: Executive Office, Washington,
D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office,
New York City. The NAIC serves the needs of consumers and the industry,
with an overriding objective of supporting state insurance regulators as
they protect consumers and maintain the financial stability of the
insurance marketplace. For more information, visit www.naic.org.
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