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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.

WHO:  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:

Led by Insurance Commissioner Ricardo Lara, the California Department of Insurance is the consumer protection agency for the nation's largest insurance marketplace and safeguards all of the state’s consumers by fairly regulating the insurance industry. Under the Commissioner’s direction, the Department uses its authority to protect Californians from insurance rates that are excessive, inadequate, or unfairly discriminatory, oversee insurer solvency to pay claims, set standards for agents and broker licensing, perform market conduct reviews of insurance companies, resolve consumer complaints, and investigate and prosecute insurance fraud. Consumers are urged to call 1-800-927-4357 with any questions or contact us at via webform or online chat. 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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