US NAIC Prioritizes Climate Risk for Insurers with a Focus on Disclosure

On February 9, 2021, the US National Association of Insurance Commissioners (NAIC) announced its strategic priorities for 2021, and these included Climate Risk and Resiliency. The NAIC is a US standard-setting and regulatory support organization created and governed by the chief insurance regulators from all 50 US states, the District of Columbia and five US territories.

The NAIC noted that it is committed to working with US state and federal, as well as international, stakeholders to coordinate climate-related risk and resiliency assessments, disclosures and evaluation initiatives so that each state has the information, policies and tools to promote resiliency and ensure stable insurance markets for its citizens. The NAIC’s Climate Resiliency (EX) Task Force will progress these priorities as it takes up climate risk disclosure and related matters to better prepare insurance regulators to protect policyholders, and the insurance markets generally, against the financial consequences of climate risk.

Continue reading on MayerBrown.com for more detail on the NAIC’s climate risk and resilience priorities and the current work plan of the Climate and Resiliency (EX) Task Force.

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