This report evaluates and benchmarks the quality and comprehensiveness of climate risk disclosures by insurance companies in response to the National Association of Insurance Commissioners (NAIC) Climate Risk Disclosure Survey.
In 2014, insurance regulators in six states—California, Connecticut, Minnesota, New Mexico, New York and Washington— required insurers writing in excess of $100 million in premiums to ll out the survey. This report analyzes responses by 148 insurance companies, collectively representing about 71 percent of the U.S. insurance market in terms of 2014 direct premiums written. A total of 375 insurance companies submitted Climate Risk Disclosure Surveys.
The aim of the analysis is to provide regulators, insurers, investors and other stakeholders with substantive information about the risks insurers face from climate change and steps insurers are taking to respond to those challenges. It effectively opens a window into the industry’s response to an issue with sweeping implications. Ceres’ report also offers recommendations for insurers and regulators to improve their management and disclosure on wide-ranging climate risks.