2020 Membership

Mission

The mission of the Climate and Resiliency (EX) Task Force is to serve as the coordinating NAIC body for discussion and engagement on climate-related risk and resiliency issues, including dialogue among state insurance regulators, industry, and other stakeholders.

Task Force Organization and Workstream Participants

2021 Proposed Charges

Ongoing Support of NAIC Program, Products or Services

The Climate and Resiliency (EX) Task Force will:

1. Consider appropriate climate risk disclosures within the insurance sector, including:
   1. Evaluation of the Climate Risk Disclosure Survey.
   2. Evaluation of alignment with other sectors and international standards.
2. Evaluate financial regulatory approaches to climate risk and resiliency in coordination with other relevant committees, task forces and working groups, such as the Financial Condition (E) Committee and the Financial Stability (EX) Task Force, including:
   1. Evaluation of the use of modeling by carriers and their reinsurers concerning climate risk.
   2. Evaluation of how rating agencies incorporate climate risk into their analysis and governance.
   3. Evaluation of the potential solvency impact of insurers’ exposures, including both underwriting and investments, to climate-related risks.
   4. Evaluation and development of climate risk-related disclosure, stress-testing, and scenario modeling.
3. Consider innovative insurer solutions to climate risk and resiliency, including:
   1. Evaluation of how to apply technology and innovation to the mitigation of storm, wildfire, other climate risks and earthquake.
   2. Evaluation of insurance product innovation directed at reducing, managing and mitigating climate risk, and closing protection gaps.
4. Identify sustainability, resilience and mitigation issues and solutions related to the insurance industry.
5. Consider pre-disaster mitigation and resiliency and the role of state insurance regulators in resiliency.

NAIC Support Staff: Jennifer Gardner

2020 DRAFT CHARGES

1. Serve as the coordinating NAIC body for discussion and engagement on climate-related risk and resiliency issues, including dialogue among regulators and with industry and other stakeholders.
2. Consider appropriate climate risk disclosures within the insurance sector, Including:
   
   1. Evaluation of Climate Risk Disclosure Survey
   2. Evaluation of alignment with other sectors and international standards
3. Evaluating financial regulatory approaches to climate risk & resiliency, including:
   
   1. Investigation of the use of modeling by carriers and their reinsurers concerning climate risk
   2. Investigation of how rating agencies incorporate climate risk into their analysis and governance
   3. Investigation and development of climate risk-related stress-testing and scenario modeling.
4. Consider innovative insurer solutions to climate risk and resiliency, including:
   
   1. Investigation of how to apply technology and innovation to mitigation of storm, wildfire, earthquake and other climate risks
   2. Evaluation of insurance product innovation directed at reducing, managing, and mitigating climate risk
5. Identify sustainability, resilience and mitigation issues and solutions related to the insurance industry.
6. Consideration of pre-disaster mitigation and resiliency and the role of insurance regulators in resiliency.

NAIC Support Staff: Jennifer Gardner