NAIC Hosts First Nat Cat Workshop as ASSAL Member
On Tuesday, July 14, the NAIC welcomed 125 attendees from 19 jurisdictions for its first virtual workshop on climate-risk oversight and natural catastrophe (Nat Cat) resiliency since joining the Association of Latin American Insurance Supervisors (ASSAL) as an associate member in April.
Representatives from the NAIC’s Catastrophe Risk Management Center of Excellence (COE) provided an overview of U.S. insurance regulators' monitoring initiatives on climate risk, including detailed discussions on catastrophe and climate-risk data collected by U.S. regulators (and its regulatory use), a discussion of the NAIC’s COE and its services to regulators, and updates on state-level pre-disaster mitigation and resiliency efforts.
Other ASSAL jurisdictions provided updates on monitoring and mitigating Nat Cat risk in Central and South America, respectively.
The NAIC looks forward to participating in future events to help further the discussions on these important topics.
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.