Huffman, Levin, Schiff, Warren, Lawmakers Call for Increased Accountability on Climate Change and Rising Home Insurance

WASHINGTON, June 4 -- Rep. Jared Huffman, D-California, issued the following news release:

"This data is crucial to understanding the stability of our insurance industry and steps homeowners can take to protect their homes."

Today, House Representatives Jared Huffman (D-Calif.), Mike Levin (D-Calif.), and Adam B. Schiff (D-Calif.) alongside Senator Elizabeth Warren (D-Mass.), alongside sent a letter to the Federal Insurance Office (FIO) and the National Association of Insurance Commissioners (NAIC) urging them to ensure comprehensive and transparent data collection to understand and address the impact of climate change on property insurance premiums. The letter urges FIO to use its subpoena power to compel states to participate in FIO's data collection call and pushes the NAIC and FIO to publish the deidentified raw data for researchers and the public.

"We are deeply concerned about the impact of rising homeowners' insurance premiums on our constituents," wrote the lawmakers. "We have seen families reduce their coverage to cope with rising costs, making them even more vulnerable to a potential natural disaster. In some states, major insurers are pulling out entirely, leaving households scrambling for coverage or simply going without."

"Congress created the Federal Insurance Office (FIO) to monitor issues and gaps in insurance regulations that could contribute to a systemic crisis and leave traditionally underserved communities without access to affordable insurance products," the lawmakers continued. "Therefore, we urge FIO to use its subpoena power to compel any states who fail to participate voluntarily to submit their data, and the National Association of Insurance Commissioners (NAIC) to publish the names of any states that refuse to participate. We also urge you to publish all deidentified reported data for public use."

The lawmakers included a list of questions and requests for the FIO and NAIC to respond to.

In addition to Senator Warren and Representatives Levin and Schiff, the letter is also signed by Senator Chris Van Hollen (D-Md.) and Representatives Suzanne Bonamici (D-Ore.), Julia Brownley (D-Calif.), Salud Carbajal (D-Calif.), Tony Cardenas (D-Calif.), Judy Chu (D-Calif.), Mark DeSaulnier (D-Calif.), Maxwell Alejandro Frost (D-Fla.), John Garamendi (D-Calif.), Jared Huffman (D-Calif.), Ro Khanna (D-Calif.), Summer Lee (D-Pa.), Barbara Lee (D-Calif.), Ted W. Lieu (D-Calif.), Doris Matsui (D-Calif.), Kevin Mullin (D-Calif.), Katie Porter (D-Calif.), Mike Thompson (D-Calif.), Jill Tokuda (D-Hawaii), and Bonnie Watson Coleman (D-N.J.).

Senator Warren has called for increased transparency on the effects of climate change on our insurance markets:

In January 2024, at a Senate Banking Committee hearing, Senator Warren called for the Biden Administration to swiftly finalize its data call about the effects of climate change on the insurance market--and to collect all the data necessary to understand our gaps in insurance coverage and the right regulatory response.

In September 2023, at a hearing of the Senate Banking, Housing, and Urban Affairs Committee, Senator Warren highlighted the recent withdrawals of major insurance companies from states that have a high and growing risk of climate disasters, the impact of this insurance crisis on homeowners, and the need for increased transparency from insurance companies.

***

Original text here: https://huffman.house.gov//media-center/press-releases/huffman-levin-schiff-warren-lawmakers-call-for-increased-accountability-on-climate-change-and-rising-home-insurance