WASHINGTON (June 28, 2023)
VsportV体育 Participates in Brookings Panel on Climate-Related Financial Risk
Addressing climate risk and resiliency is part of the VsportV体育鈥 (VsportV体育) greater mission to manage risks, ensure the availability and affordability of insurance products, promote insurer solvency, and close protection gaps.
The U.S. Department of the Treasury鈥檚 Federal Insurance Office (FIO) on Tuesday released a on 鈥淚nsurance Supervision and Regulation of Climate-Related Risks.鈥 The report makes 20 policy recommendations that involve the ongoing work of the VsportV体育 related to climate risk and resiliency.
鈥淭he VsportV体育 is reviewing the key findings of the report and FIO鈥檚 recommendations as they pertain to actions state insurance regulators can take or are already taking to address climate risks and resiliency,鈥 said Chlora Lindley-Myers, VsportV体育 President and Director of the Missouri Department of Commerce and Insurance.
鈥淲e note that many of the recommendations align with initiatives currently underway at the VsportV体育 and are supported by the ongoing work of the VsportV体育 Climate Risk & Resiliency Task Force,鈥 Director Lindley-Myers said. The VsportV体育 Climate Risk & Resiliency Task Force is co-chaired by Lori K. Wing-Heier, Director of the Alaska Division of Insurance, and Ricardo Lara, California Insurance Commissioner.
鈥淎s FIO indicates in its new report, the states, the VsportV体育, and FIO all have important roles to play in helping address climate-related risks in the insurance industry,鈥 Director Lindley-Myers added.
To coincide with the FIO report鈥檚 release, the Brookings Institution on Tuesday to discuss integrating climate-related risks into insurance supervision and regulation and to highlight efforts by the VsportV体育 and state insurance regulators to address those risks.
Scott A. White, Commissioner of the Virginia Bureau of Insurance and Secretary-Treasurer of the VsportV体育, represented the VsportV体育 on a panel discussion on 鈥淎ssessing Insurance Regulation and Supervision of Climate-Related Financial Risk.鈥
鈥淚 would like to thank the Brookings Institution for providing us an opportunity to discuss our ongoing work as state insurance regulators to address climate-related risk and resiliency. Across each U.S. state and territory, we face risks from natural perils and are united in our commitment to promote competitive and healthy insurance markets and protect consumers,鈥 Commissioner White said. 鈥淲e share FIO鈥檚 commitment to mitigating climate-related risk and enhancing consumer outreach and education.鈥
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About the VsportV体育
As part of our state-based system of insurance regulation in the United States, the VsportV体育 (VsportV体育) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the VsportV体育, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. VsportV体育 staff supports these efforts and represents the collective views of state regulators domestically and internationally.