As the government weighs its response to climate change, it is hearing from the insurance industry. This seems fitting considering that changes in climate could impact many insurance operations, including investment decisions, claims and underwriting practices.
Sean Dilweg, insurance commissioner of Wisconsin, testified on behalf of the National Association of Insurance Commissioners before the U.S. Senate Committee on Commerce, Science and Transportation. “Insurance regulators need to recognize that the risk of weather-related losses on real estate is complex,” he said. “It can arise not only from declining asset values, but also the costs of fortification, physical damage to structures, and associated business interruption.”
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