NAIC Climate Risk Disclosure Survey
The Insurer Climate Risk Disclosure Survey, adopted by the NAIC in 2010, was designed to be an insurer reporting mechanism that would provide regulators with a window into how insurers' across all lines of insurance assess and manage risks related to climate change. The eight-question survey asks insurers to provide a description of how they incorporate climate risks into their mitigation, risk-management and investment plans. Insurers are asked to identify steps taken to engage key constituencies and policyholders on the topic of climate change.
All of the states were to administer the survey to their domestic insurance companies that write more than $500 million in direct premium. Approximately two dozen states surveyed their companies, and the data was aggregated. In 2011, the threshold was lowered to all companies writing $300 million in premium, however, California was the only state to continue to survey its insurance market. In 2012, California, along with New York and the state of Washington, began administering the Survey to all insurance companies licensed in these states, and that write at least $300 million, making the survey mandatory and the results public. In 2013, the threshold was lowered to $100 million and since then, the multi-state group has expanded to include Connecticut, Minnesota, and New Mexico.
Presently, we survey more than 1,000 companies capturing more than 70% of the entire U.S. insurance market, allowing regulators, insurance companies and interested members of the public the ability to identify trends, vulnerabilities and best practices by the insurance industry with respect to climate change. The Survey results are maintained here on the California Department of Insurance's web site and can be accessed below.
NAIC Climate Risk Disclosure Survey Results
The Reporting Year 2019 NAIC Climate Risk Disclosure Survey, Notice to Insurers, was sent to insurers in July of 2020. Insurer survey responses are due August 31, 2020. The e-mail notification was sent to the insurance company contact which was provided on the most recent NAIC Annual Report (Schedule T). For reference, the NAIC Climate Risk Disclosure Survey Questions and Guidance document is available.
CERES Report: Insurer Climate Risk Disclosure Survey Report & Scorecard 2016 Findings and Recommendations (RY 2014 data)
NAIC Newsletter: Climate Change Risk Disclosure Initiatives (October 2013)
Commissioner Jones Press Release: Insurance Commissioner expands reach of climate change survey: doubles (July 2013)
Please e-mail ClimateRiskSurvey@insurance.ca.gov with questions or for technical assistance.