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U.S. Insurance Regulators to Headline Global Panel on Climate Risks Nov. 3, During UNEP’s PSI COP26 Sustainable Insurance Series
State insurance regulators from the National Association of Insurance Commissioners (NAIC) are participating in panel discussions as part of the COP26 Sustainable Insurance Series hosted by the UN Environment Programme’s (UNEP) Principles for Sustainable Insurance Initiative (PSI) together with partner organizations. The event will take place November 1, 3 and 9, 2021 at the same time as the United Nation’s COP26 Summit. Two of the panels taking place on Nov. 3 from 11:00 AM -12:30 PM ET will focus on the actions state insurance regulators are taking on climate risks and resiliency, including coordination through the NAIC. The UNEP PSI COP26 Sustainable Insurance Series is intended to be the most comprehensive event for the insurance industry during COP26 and aims to further raise climate risk engagement and share insights among insurance supervisors.
Panelists include: David Altmaier, NAIC President and Florida Insurance Commissioner; Kathleen Birrane, Maryland Insurance Commissioner; Ray Farmer, Director, South Carolina Department of Insurance; Mike Kreidler, Washington Commissioner of Insurance; Ricardo Lara, California Department of Insurance Commissioner; and Andrew Mais, NAIC Secretary-Treasurer and Connecticut Insurance Commissioner.
“When it comes to climate risk and resiliency, there’s critical work being done in every state. And it’s an issue that state insurance regulators have prioritized for decades,” explains Mike Consedine, CEO of the NAIC. “State insurance regulators have long been on the front lines of climate-related natural catastrophe preparedness and response, protecting policyholders and maintaining well-functioning insurance markets. We’re very excited to participate in this event to share our work and learn from others.”
State insurance regulators and the NAIC have an extensive history focused on managing the risks faced by the insurance industry and consumers. This includes addressing how natural hazards impact the solvency of insureds as well as the affordability and availability of insurance. In 2020, the organization and its members created a Climate and Resiliency Task Force, recognizing the challenges, risks and opportunities faced by the entire insurance industry and the importance of engaging all states on climate-related risk and resiliency issues. Current and future efforts build on decades of experience managing the economic fallout of natural disasters. State insurance regulators are better able to tackle this multi-generational issue by working collectively and sharing experiences, both at the domestic and international levels, to work toward a safer, more resilient future.
The agenda for the PSI COP26 Sustainable Insurance Series agenda can be found here.
Register for the panel: How are U.S. insurance regulators taking action on climate change?
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.