APCIA Comments On FIO's Proposed Climate-Related Financial Risk Data Collection

CHICAGO, Illinois, Dec. 21 (TNStalk) -- The American Property Casualty Insurance Association issued the following statement on Dec. 20, 2022, and letter:

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The American Property Casualty Insurance Association (APCIA) submitted a letter to the Federal Insurance Office (FIO) in response to its request for comments on a "Proposed Climate-Related Financial Risk Data Collection." Nat Wienecke, APCIA's senior vice president of federal government relations, released the following statement.

"For decades, APCIA members have provided loss management solutions to policyholders to address climate-related risks. We appreciate the focus that Congress and the Administration have placed on climate change resiliency in recent years and, specifically, the Administration's interest in understanding climate-related financial risk. However, we have several significant concerns with the proposed data call as drafted and we urge FIO to carefully consider the objectives they hope to achieve. Expending extensive resources to collect data may not answer the questions needed to fulfill FIO's goals and objectives.

"If the data call moves forward, we ask FIO to provide important clarifications to make the incoming data more standardized and to make it more efficient for the companies and for FIO to analyze. APCIA is committed to working collaboratively with FIO to help ensure that any review of climate-related financial risk in the insurance market is done thoughtfully and in coordination with state insurance regulators."

View letter here: https://www.apci.org/attachment/page/107047

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Original text here: https://www.apci.org/media/news-releases/release/74014/