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CA Department of Insurance
CA Department of Insurance
CA Department of Insurance

Advisory - First in-the-nation stress test conducted on industry’s climate risk

News: 2018 Press Release

For Release: May 7, 2018
Media Calls Only: 916-492-3566
Email Inquiries:
First in-the-nation stress test conducted on insurance industry’s financial climate risk
Commissioner Jones, in another unprecedented action, analyzes climate risk to investments held by insurers

SACRAMENTO, Calif. — Despite threats of lawsuits by 12 state attorneys general and one governor over his Climate Risk Carbon Initiative, Insurance Commissioner Dave Jones has taken another unprecedented step to address climate risk in California's insurance industry. Commissioner Jones will announce the first stress test analysis by a financial regulator of any insurance industry regarding its investments in fossil-fuels related activities and exposure to climate-related risks. The department has engaged 2° Investing Initiative, an established partner of European financial regulators on the topic, to conduct this analysis for insurers operating in California with over 100 million in annual premiums. Commissioner Jones also will be joined by environmental and insurance experts from Ceres and the United Nations Environment Programme.

California Insurance Commissioner Dave Jones
          Stanislaus Dupre; Founder and Global Director of 2 Investing Initiative
         Cynthia McHale, Director of Ceres
         Butch Bacani, Programme Leader of UN Environment's Principles for Sustainable Insurance Initiative (PSI)

WHEN:   Tuesday, May 8, 2018
              10 a.m.

WHERE: CDI Sacramento
            300 Capitol Mall, Suite 1700
            Sacramento, CA 95814

Dial-in: 888-288-8968 (media only)

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Media Notes:

The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $371 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $469 million in claims and premiums. Please visit the Department of Insurance website at Non-media inquiries should be directed to the Consumer Hotline at 800-927-4357. Teletypewriter (TTY), please dial 800-482-4833.

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