CAP’s Comment on the Federal Insurance Office’s Proposed Call for Climate-Related Financial Risk Data

The Center for American Progress submitted a comment letter to the Federal Insurance Office regarding its proposed nationwide collection of climate-related financial risk data from insurers.

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On December 20, 2022, the Center for American Progress submitted comments to the Federal Insurance Office’s (FIO’s) proposed collection of climate-related financial risk data. Under the proposal, the FIO would collect information on current and historical underwriting data on homeowners’ multiperil policies from certain insurers. CAP commends the FIO for undertaking this proposal and continuing to develop its understanding of the insurance sector’s climate-related exposures and the resulting effects on insurance availability and affordability for consumers. In its comments, CAP also recommends that the FIO expand the scope of data collected to include additional lines of business and more granular data collection at the census tract level, among other considerations. Such information is key to supporting analysis on how climate-related financial risks affect insurers and the extent to which traditionally underserved communities, who are most at risk to the effects of climate change, have access to affordable insurance products.

Click here to read CAP’s comment letter.

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