A report issued today by Ceres, a national coalition of investors and public interest groups, paints a dreary picture of how the insurance industry is responding to the risks presented by climate change. The Ceres analysis is based on 88 companies' disclosures made in response to a 2010 National Association of Insurance Commissioners (NAIC) survey. The disclosures were filed with insurance regulators in a half-dozen states: New York, New Jersey, California, Oregon, Pennsylvania and Washington. Most of the states required insurers to fill out the surveys, and all six agreed to make all the resulting responses public.
The report, “Climate Risk Disclosure by Insurers: Evaluating Insurer Responses to the NAIC Climate Disclosure Survey,” analyzes what leading U.S. insurance companies are saying about climate change in public filings with state insurance commissioners, and the extent to which the companies are factoring climate risks into their governance practices, management strategies and day-to-day decision making.
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