Insurance Information Institute: Insurers Play Key Role in Addressing Climate-Related Risks
In correspondence submitted this week to the
"Insurers are no stranger to climate and extreme-weather risk," stated
In its
"To assess climate-related issues, FIO should participate in all federal discussions of climate risk, including the Special Presidential Envoy for Climate's activities. It also should take advantage of the excellent research being conducted in the insurance and other business sectors, as well as academia, to remain current on issues and activities," the
"The
"Essential to the industry's financial strength is the ability to price coverage consistently with expected costs. In markets where pricing is constrained - whether by state fiat or due to risk conditions that limit insurers' underwriting appetite - hurricane and earthquake needs are being met by residual market solutions. Residual market programs make basic coverage more readily available in areas that are highly prone to specific risks.
"With respect to insurance availability and affordability, expected losses and costs are key - particularly in high-risk areas and among traditionally underserved communities, minorities, and low- and moderate-income individuals, who tend to suffer most when natural disasters strike," the
To illustrate how insurers are leading on this issue, the
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