WA Insurance Commissioner Presses Companies on Climate Change
The Washington State Office of the Insurance Commissioner has sent out its annual survey (mandatory) to certain insurance companies, concerning climate change.
Commissioner Kreidler has done this annually
For 11 years now, Kreidler has sent the survey to companies that have over $100 million in written premiums. According to Kreidler, the purpose of the survey is:
“This survey is a continuation of the work my office, and my fellow insurance regulators, have done to strengthen the industry to meet the threats presented by climate change."
The survey contains the following categories that companies have to address and respond to:
- "Enhanced transparency about how insurers manage climate-related risks and opportunities.
- Guidance on identifying good practices and vulnerabilities.
- A baseline supervisory tool to assess how climate-related risks may affect the insurance industry.
- Promotion of strategic management and shared learning for insurers to encourage continual improvement.
- A vehicle for better-informed collaboration among regulators and interested parties on climate-related issues.
- Alignment with international climate risk disclosure frameworks to reduce redundancy in reporting requirements."
According to the Insurance Commissioner's website, climate change allegedly affects insurance because it has to do with wildfires, air quality (health), heavy rain, floods and tornadoes.
Kreidler is most known for recently when he attempted to do away with credit-based insurance scoring, which companies have used for decades. Studies have shown the more financially responsible a client, the safer driver they are. He claimed the practice was racist and discriminatory.
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