18 States Administering Climate Survey

August 18, 2010 – A report released at the Aug. 13 meeting in Seattle of the NAIC Climate Change and Global Warming (EX) Task Force shows that only 18 states – less than a third of the NAIC states and territories – have decided to administer the NAIC Climate Risk Disclosure Survey.

Of the 18 states, only four – California, New York, Pennsylvania and Washington –have indicated that the survey was mandatory for its domestics and that the results would be made public.  The California responses can be viewed at: http://www.insurance.ca.gov/0250-insurers/0300-insurers/0100-applications/financial-filing-notices-forms/annualnotices/ClimateSurvey.cfm.  Florida and New Jersey said they would make the survey results public, but would make the survey voluntary for its insurers.

The other states participating in the survey include Alabama, Colorado, Connecticut, Louisiana, Maryland, Michigan, Missouri, Nebraska, Ohio, Oklahoma, Oregon, and Puerto Rico. 

The NAIC report also showed that 20 states responded to the survey and said they were not participating in the survey while 17 states and territories did not respond to repeated requests from the NAIC for an answer.

The NAIC Climate Risk Disclosure Survey

Editor’s Note: The NAIC Climate Change and Global Warming (EX) Task Force is asking insurance companies with more than $500 million in direct written premium (DWP) to answer its climate risk disclosure survey by May 2010. Below, is a list of the relevant documents related to this requirement.

• The NAIC climate risk disclosure survey (March 2010 version).
• The NAIC climate risk disclosure survey (December 2008 version).
• Draft of the notification letter to insurers.
• List of the affected insurers.
• Copy of the online survey instrument.
• Copy of California Department of Insurance survey guidance document.
• Copy of May 2008 NAIC white paper project: “Potential Insurance-Related Impacts of Climate Change on Insurance Regulators.”