NAIC Endorses International Climate Risk Disclosure Standard (Business Insurance)

NAIC Endorses International Climate Risk Disclosure Standard

  Wednesday, April 13th, 2022 Source: Business Insurance

The National Association of Insurance Commissioners (NAIC) has agreed to adopt a new standard for insurers operating in the US to use when reporting their climate-related risks.

The NAIC Climate Risk & Resiliency Task Force, led by co-chairs California Insurance Commissioner Ricardo Lara and Florida Insurance Commissioner David Altmaier, is adopting the new standard in alignment with the international Task Force on Climate-Related Financial Disclosures (TCFD).

According to a release, the TCFD standard is a global benchmark for climate risk disclosure, and will help both insurance regulators and the public to better understand the climate-related risks to the US insurance market.

NAIC’s adoption of the TCFD-aligned survey standards was announced during the association’s recent spring meeting in Kansas City, MO.

The Task Force was established in 2020 to coordinate the association’s domestic and international efforts on climate-related risk and resiliency issues.

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