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The insurance industry faces unprecedented challenges due to climate change. According to a report conducted by Ceres Accelerator for Sustainable Capital Markets, as extreme weather events become more frequent and severe, insurers must grapple with the impact on their investments, risk management strategies and overall business operations.
Of the 516 insurance groups who submitted responses, 94% of the largest U.S. insurance companies reported on their risk management processes, 86% on climate strategy, 81% on governance and 29% on the metrics and targets used to help assess climate risks.
Created through the examination of disclosures insurance companies are making through the National Association of Insurance Commissioners (NAIC) Climate Risk Disclosure Survey, the report is Ceres’ second annual analysis that the company has conducted of major U.S. insurers’ climate risk strategies.
The National Association of Insurance Commissioners (NAIC) has been studying climate change's impact on insurance since 2005. Their continued efforts to collect and analyze data play a crucial role in shaping regulatory policies.
The recent analysis by the NAIC sheds light on how insurers are navigating this complex landscape. Here are the key takeaways:
Powerful Resources for Insurance In-House Counsel
Insurers are increasingly recognizing the importance of climate-related activities. From risk assessments to sustainable investment practices, the industry is actively adapting to the changing climate landscape.
Insurers can navigate the impacts of the rising climate event risk with key Practical Guidance resources from LexisNexis®:
Get additional resources tailored for insurance in-house counsel with a 7-day free trial of Lexis+® General Counsel Suite.