On November 1, 2023, the Federal Insurance Office (FIO) advanced its climate-related financial risk data call by requesting approval from the Office of Information and Regulatory Affairs (OIRA). If approved, the FIO would collect information on current and historical underwriting data on homeowners’ multiperil policies from certain insurers across the United States. The data gathered would provide a first-of-its-kind, nationwide look into how climate risk is affecting the insurance sector and consumers. The FIO is the only federal agency with a mandate to monitor the insurance sector as a whole. Collecting these data is critical to furthering this important mission, especially as climate change continues to threaten insurance availability and affordability for everyday Americans. CAP’s comment letter urges the OIRA to approve this effort without delay.
Click here to read CAP’s comment letter to the OIRA on the FIO’s climate-related financial risk data collection.