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Created page with "== Overview == The [https://content.naic.org/ National Association of Insurance Commissioners (NAIC)] plays a critical role in addressing climate risks within the U.S. insurance industry. This organization, comprised of state insurance regulators, aims to protect consumers, ensure fair markets, and advance financial stability. As the impacts of climate change intensify, NAIC's responsibilities have expanded to encompass the integration of climate risk considerations into..."
 
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=== Engagement with the International Association of Insurance Supervisors (IAIS) ===
=== Engagement with the International Association of Insurance Supervisors (IAIS) ===
The NAIC actively participates in the IAIS, which sets global standards for insurance supervision. In May 2024, Andrew N. Mais, the Insurance Commissioner of Connecticut and President of the NAIC, was appointed Vice Chair of the IAIS Executive Committee (ExCo). The ExCo oversees the strategic direction and management of IAIS activities, ensuring the association fulfills its mission of promoting effective and globally consistent insurance supervision.
The NAIC actively participates in the [https://www.iaisweb.org/ IAIS], which sets global standards for insurance supervision. In May 2024, Andrew N. Mais, the Insurance Commissioner of Connecticut and President of the NAIC, was appointed Vice Chair of the IAIS Executive Committee (ExCo). The ExCo oversees the strategic direction and management of IAIS activities, ensuring the association fulfills its mission of promoting effective and globally consistent insurance supervision<ref>https://www.iaisweb.org/2024/05/andy-mais-elected-vice-chair-of-the-iais-executive-committee/</ref><ref>https://content.naic.org/sites/default/files/inline-files/government-affairs-international-calendar-2024_14.pdf</ref>.
 
<nowiki>https://www.iaisweb.org/2024/05/andy-mais-elected-vice-chair-of-the-iais-executive-committee/</nowiki>
 
<nowiki>https://content.naic.org/sites/default/files/inline-files/government-affairs-international-calendar-2024_14.pdf</nowiki>


This involvement includes contributions to initiatives focused on climate risk, such as:
This involvement includes contributions to initiatives focused on climate risk, such as:
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* Holistic Framework for Systemic Risk.  
* Holistic Framework for Systemic Risk.  


The NAIC provides insights on how climate risks can affect systemic stability in the global insurance sector. <nowiki>https://www.iaisweb.org/activities-topics/implementation-assessment/holistic-framework-implementation-assessment/</nowiki>
The NAIC provides insights on how climate risks can affect systemic stability in the global insurance sector<ref>https://www.iaisweb.org/activities-topics/implementation-assessment/holistic-framework-implementation-assessment/</ref>.


=== Sustainable Insurance Forum (SIF) ===
=== Sustainable Insurance Forum (SIF) ===
The NAIC is a founding member of the Sustainable Insurance Forum (SIF), a platform convened by the United Nations Environment Programme (UNEP). Through SIF, the NAIC collaborates on climate risk disclosure, sustainable underwriting practices, and supervisory integration of climate resilience. Key initiatives include:
The NAIC is a founding member of the Sustainable Insurance Forum (SIF), a platform convened by the [https://www.unep.org/ United Nations Environment Programme] (UNEP). Through SIF, the NAIC collaborates on climate risk disclosure, sustainable underwriting practices, and supervisory integration of climate resilience<ref>https://sustainableinsuranceforum.org/members-partners/</ref>. Key initiatives include:


* Supporting insurers in developing climate scenario analysis methodologies.
* Supporting insurers in developing climate scenario analysis methodologies.
* Promoting sustainability-oriented insurance products.
* Promoting sustainability-oriented insurance products.
<nowiki>https://sustainableinsuranceforum.org/members-partners/</nowiki>


=== Collaboration with the Organization for Economic Co-operation and Development (OECD) ===
=== Collaboration with the Organization for Economic Co-operation and Development (OECD) ===
The NAIC participates in OECD-led discussions on disaster risk financing and climate resilience. These efforts focus on developing best practices to enhance financial stability and economic recovery after climate-induced disasters.
The NAIC participates in OECD-led discussions on disaster risk financing and climate resilience. These efforts focus on developing best practices to enhance financial stability and economic recovery after climate-induced disasters.<ref>https://content.naic.org/article/director-cameron-participates-oecd-meetings</ref><ref>https://content.naic.org/article/naic-discusses-protection-gaps-state-industry-oecd-insurance-committee</ref><ref>https://content.naic.org/article/naic-discusses-aiml-oversight-oecd-committee</ref>
 
<nowiki>https://content.naic.org/article/director-cameron-participates-oecd-meetings</nowiki>
 
<nowiki>https://content.naic.org/article/naic-discusses-protection-gaps-state-industry-oecd-insurance-committee</nowiki>
 
<nowiki>https://content.naic.org/article/naic-discusses-aiml-oversight-oecd-committee</nowiki>


=== Participation in Global Forums and Conferences ===
=== Participation in Global Forums and Conferences ===
The NAIC actively engages in international discussions on climate and insurance, including:
The NAIC actively engages in international discussions on climate and insurance, including:


* COP Climate Conferences: Contributions to global dialogue on insurance's role in climate adaptation and mitigation.
* COP Climate Conferences: Contributions to global dialogue on insurance's role in climate adaptation and mitigation<ref>https://content.naic.org/article/naic-members-discuss-risk-based-regime-innovation-advances-global-insurance-supervision-conference</ref>.


<nowiki>https://content.naic.org/article/naic-members-discuss-risk-based-regime-innovation-advances-global-insurance-supervision-conference</nowiki>
* Global Insurance Supervision (GIS) Conference: Sharing U.S. insights on integrating climate considerations into insurance regulation<ref>https://www.unepfi.org/themes/climate-change/unep-fi-at-cop-28/</ref><ref>https://www.unepfi.org/industries/insurance/sustainable-insurance-forum-meeting-21-june-2019/</ref>.
 
* Global Insurance Supervision (GIS) Conference: Sharing U.S. insights on integrating climate considerations into insurance regulation.
 
<nowiki>https://www.unepfi.org/themes/climate-change/unep-fi-at-cop-28/</nowiki>
 
<nowiki>https://www.unepfi.org/industries/insurance/sustainable-insurance-forum-meeting-21-june-2019/</nowiki>


=== Advocacy for Climate Resilience ===
=== Advocacy for Climate Resilience ===
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* Improving solvency tools, such as scenario analysis
* Improving solvency tools, such as scenario analysis


These initiatives aim to reduce losses and expedite recovery from natural disasters, ensuring the availability and reliability of insurance as a crucial support for communities facing climate risks.
These initiatives aim to reduce losses and expedite recovery from natural disasters, ensuring the availability and reliability of insurance as a crucial support for communities facing climate risks<ref>https://content.naic.org/article/naic-adopts-first-national-climate-resilience-strategy-insurance-close-coverage-gaps-and-improve?utm_source=chatgpt.com</ref>.
 
<nowiki>https://content.naic.org/article/naic-adopts-first-national-climate-resilience-strategy-insurance-close-coverage-gaps-and-improve?utm_source=chatgpt.com</nowiki>


The NAIC collaborates with federal, state, and local stakeholders to promote resilience. By engaging in pre-disaster mitigation efforts and supporting the adoption of enhanced building codes, the NAIC works to reduce the financial consequences of extreme weather events. These efforts include:
The NAIC collaborates with federal, state, and local stakeholders to promote resilience. By engaging in pre-disaster mitigation efforts and supporting the adoption of enhanced building codes, the NAIC works to reduce the financial consequences of extreme weather events. These efforts include:
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=== Federal Engagement ===
=== Federal Engagement ===
The NAIC engages with federal entities to address climate-related financial risks. In June 2023, the U.S. Department of the Treasury's Federal Insurance Office (FIO) released a comprehensive report titled "Insurance Supervision and Regulation of Climate-Related Risks." This report, developed in response to Executive Order 14030 on Climate-Related Financial Risk, assesses the current landscape of climate-related supervision and regulation within the insurance sector. It identifies existing gaps and offers 20 targeted recommendations aimed at enhancing the management and oversight of climate-related risks by state regulators and the NAIC.
The NAIC engages with federal entities to address climate-related financial risks. In June 2023, the U.S. Department of the Treasury's Federal Insurance Office (FIO) released a comprehensive report titled "''Insurance Supervision and Regulation of Climate-Related Risks''"<ref>https://home.treasury.gov/news/press-releases/jy1579</ref>. This report, developed in response to Executive Order 14030 on Climate-Related Financial Risk, assesses the current landscape of climate-related supervision and regulation within the insurance sector. It identifies existing gaps and offers 20 targeted recommendations aimed at enhancing the management and oversight of climate-related risks by state regulators and the NAIC.<ref>https://home.treasury.gov/system/files/136/FIO-June-2023-Insurance-Supervision-and-Regulation-of-Climate-Related-Risks.pdf</ref><ref>https://home.treasury.gov/news/press-releases/jy1579</ref>
 
<nowiki>https://home.treasury.gov/system/files/136/FIO-June-2023-Insurance-Supervision-and-Regulation-of-Climate-Related-Risks.pdf</nowiki>
 
<nowiki>https://home.treasury.gov/news/press-releases/jy1579</nowiki>


== Challenges and Future Directions ==
== Challenges and Future Directions ==
While NAIC has made significant strides in embedding climate considerations into the insurance sector, challenges remain:
While NAIC has made significant strides in embedding climate considerations into the insurance sector, challenges remain:


* The lack of standardized, high-quality climate data complicates risk modeling and regulatory enforcement.
* The lack of standardized, high-quality climate data complicates risk modeling and regulatory enforcement.<ref>https://www.unepfi.org/themes/climate-change/the-climate-data-challenge-the-critical-role-of-open-source-and-neutral-data-platforms</ref><ref>https://www.fsb.org/2021/07/the-availability-of-data-with-which-to-monitor-and-assess-climate-related-risks-to-financial-stability</ref><ref>https://home.treasury.gov/system/files/311/FIO_FACI_Climate-Related%20Financial%20Risk.pdf</ref>
 
<nowiki>https://www.unepfi.org/themes/climate-change/the-climate-data-challenge-the-critical-role-of-open-source-and-neutral-data-platforms</nowiki>
 
<nowiki>https://www.fsb.org/2021/07/the-availability-of-data-with-which-to-monitor-and-assess-climate-related-risks-to-financial-stability</nowiki>
 
<nowiki>https://home.treasury.gov/system/files/311/FIO_FACI_Climate-Related%20Financial%20Risk.pdf</nowiki>
 
* The fragmented nature of current efforts to integrate climate risk considerations into insurance regulation across various states. <nowiki>https://home.treasury.gov/news/press-releases/jy1579</nowiki>


* Ensuring affordability and availability of insurance products while maintaining solvency under growing climate risks.
* The fragmented nature of current efforts to integrate climate risk considerations into insurance regulation across various states.<ref>https://home.treasury.gov/news/press-releases/jy1579</ref>


<nowiki>https://www.iaisweb.org/uploads/2024/12/Global-Insurance-Market-Report-2024.pdf</nowiki>
* Ensuring affordability and availability of insurance products while maintaining solvency under growing climate risks.<ref>https://www.iaisweb.org/uploads/2024/12/Global-Insurance-Market-Report-2024.pdf</ref><ref>https://www.soa.org/resources/research-reports/2024/ins-availability-climate-risk-areas</ref><ref>https://www.bis.org/fsi/publ/insights54.pdf</ref>


<nowiki>https://www.soa.org/resources/research-reports/2024/ins-availability-climate-risk-areas</nowiki>
* Staying responsive to changing federal and international climate regulations.<ref>https://content.naic.org/article/naic-letter-congress-reiterates-state-insurance-regulators-multi-faceted-approach-climate-risk</ref>
 
<nowiki>https://www.bis.org/fsi/publ/insights54.pdf</nowiki>
 
* Staying responsive to changing federal and international climate regulations.
 
<nowiki>https://content.naic.org/article/naic-letter-congress-reiterates-state-insurance-regulators-multi-faceted-approach-climate-risk</nowiki>


== Future Outlook ==
== Future Outlook ==
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== Conclusion ==
== Conclusion ==
The NAIC’s proactive approach to climate risk underscores its commitment to safeguarding the insurance industry and its stakeholders from the challenges posed by climate change. Through ongoing innovation and regulatory advancements, NAIC aims to position the U.S. insurance sector as a global leader in climate resilience and sustainability.
The NAIC’s proactive approach to climate risk underscores its commitment to safeguarding the insurance industry and its stakeholders from the challenges posed by climate change. Through ongoing innovation and regulatory advancements, NAIC aims to position the U.S. insurance sector as a global leader in climate resilience and sustainability.
== References ==

Revision as of 17:57, 12 December 2024

Overview

The National Association of Insurance Commissioners (NAIC) plays a critical role in addressing climate risks within the U.S. insurance industry. This organization, comprised of state insurance regulators, aims to protect consumers, ensure fair markets, and advance financial stability. As the impacts of climate change intensify, NAIC's responsibilities have expanded to encompass the integration of climate risk considerations into insurance regulations.

Recognizing the growing importance of climate-related issues, the NAIC introduced the Insurer Climate Risk Disclosure Survey in 2010, making it one of the earliest regulatory tools for assessing how insurers manage climate-related risks. This survey provided a baseline for understanding the industry's preparedness for emerging climate challenges and promoted transparency and accountability.

In subsequent years, the NAIC strengthened its climate-focused initiatives by engaging with stakeholders on natural catastrophe modeling and disaster risk reduction strategies. The NAIC emphasized integrating resilience into underwriting and investment decisions to mitigate the long-term impacts of climate risks on solvency. Early efforts also included advocating for disaster preparedness through improved building codes and public awareness campaigns.

These foundational steps set the stage for more robust frameworks and collaborations, culminating in the creation of the Climate and Resiliency (EX) Task Force in 2020.

Climate and Resiliency (EX) Task Force

The Climate and Resiliency (EX) Task Force was created to coordinate discussions and actions on climate-related risks and resilience. Its efforts span several key areas:

  • Pre-Disaster Mitigation: Collaborating with multiple stakeholders to educate on coverage gaps and promote pre-disaster mitigation related to climate risks.
  • Solvency: Evaluating financial regulatory approaches to climate risk and resiliency, including the use of modeling by carriers and reinsurers, and assessing the solvency impact of insurers' exposures to climate-related risks.
  • Innovation and Technology: Encouraging the application of technology and innovation to mitigate climate risks and fostering insurance product innovation aimed at reducing and managing these risks.

By institutionalizing climate considerations within its regulatory scope, the NAIC has progressively built a comprehensive approach to addressing climate-related challenges in the insurance sector.

NAIC’s Contributions to Mitigating Climate Risk

Transparency in Managing Climate Risks

The NAIC introduced the Climate Risk Disclosure Survey in 2010 to enhance transparency regarding how insurers manage climate-related risks and opportunities. This initiative aims to identify good practices and vulnerabilities, provide a baseline supervisory tool to assess the impact of climate-related risks on the insurance industry, promote strategic management, encourage shared learning for continual improvement, and align with international climate risk disclosure frameworks to reduce redundancy in reporting requirements[1].

As of 2024, the following states and territories require insurers to complete the survey: American Samoa, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Guam, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Hampshire, New Jersey, New Mexico, New York, Northern Mariana Islands, Oregon, Pennsylvania, Puerto Rico, Rhode Island, U.S. Virgin Islands, Vermont, Washington, and Wisconsin. Insurers with direct written premiums exceeding $100 million nationwide and licensed in any participating state or territory are mandated to submit the survey annually. The California Department of Insurance administers the survey, collecting responses and making them publicly available to promote transparency. Survey results can be accessed through the department's website, allowing stakeholders to review insurers' climate risk management practices.

The NAIC's Climate Risk Disclosure Survey has become a vital tool for regulators and stakeholders to understand and assess the insurance industry's preparedness for climate-related risks. By aligning with international frameworks like the TCFD, the NAIC ensures that U.S. insurers' disclosures are consistent with global standards, facilitating better risk assessment and management across the industry [2].

Enhanced Underwriting Practices and Financial Reporting

NAIC advocates for integrating climate risk considerations into underwriting practices. This includes assessing exposure to natural catastrophes and incorporating climate scenario projections into risk models.

Following the August 2024 adoption of the new climate scenario interrogatories in the year-end 2024 property/casualty (P/C) risk-based capital (RBC) filing, the NAIC has established in November 2024  a Climate Scenario Resource Center at the Center for Insurance Policy and Research (CIPR) to assist filers and their advisors with the disclosure requirements[3][4][5].

Collaboration with International Regulators

The National Association of Insurance Commissioners (NAIC) actively collaborates with international regulatory bodies to align U.S. insurance practices with global standards on climate risk and resilience. This engagement ensures that the U.S. insurance industry remains responsive to evolving climate-related challenges and adheres to internationally recognized best practices[6][7].

Engagement with the International Association of Insurance Supervisors (IAIS)

The NAIC actively participates in the IAIS, which sets global standards for insurance supervision. In May 2024, Andrew N. Mais, the Insurance Commissioner of Connecticut and President of the NAIC, was appointed Vice Chair of the IAIS Executive Committee (ExCo). The ExCo oversees the strategic direction and management of IAIS activities, ensuring the association fulfills its mission of promoting effective and globally consistent insurance supervision[8][9].

This involvement includes contributions to initiatives focused on climate risk, such as:

  • Climate Risk Steering Group,
  • Holistic Framework for Systemic Risk.

The NAIC provides insights on how climate risks can affect systemic stability in the global insurance sector[10].

Sustainable Insurance Forum (SIF)

The NAIC is a founding member of the Sustainable Insurance Forum (SIF), a platform convened by the United Nations Environment Programme (UNEP). Through SIF, the NAIC collaborates on climate risk disclosure, sustainable underwriting practices, and supervisory integration of climate resilience[11]. Key initiatives include:

  • Supporting insurers in developing climate scenario analysis methodologies.
  • Promoting sustainability-oriented insurance products.

Collaboration with the Organization for Economic Co-operation and Development (OECD)

The NAIC participates in OECD-led discussions on disaster risk financing and climate resilience. These efforts focus on developing best practices to enhance financial stability and economic recovery after climate-induced disasters.[12][13][14]

Participation in Global Forums and Conferences

The NAIC actively engages in international discussions on climate and insurance, including:

  • COP Climate Conferences: Contributions to global dialogue on insurance's role in climate adaptation and mitigation[15].
  • Global Insurance Supervision (GIS) Conference: Sharing U.S. insights on integrating climate considerations into insurance regulation[16][17].

Advocacy for Climate Resilience

The National Association of Insurance Commissioners (NAIC) actively promotes the integration of resilience into insurance products to mitigate the financial impacts of extreme weather events. By encouraging insurers to support community resilience-building measures—such as infrastructure fortification and disaster risk reduction—the NAIC aims to enhance the overall resilience of communities.

In April 2024, the NAIC adopted its first National Climate Resilience Strategy for Insurance. This strategy focuses on:

  • Collecting data to identify and close protection gaps
  • Creating a blueprint for the future of flood insurance
  • Leveraging the Catastrophe Modeling Center of Excellence
  • Developing new resilience tools
  • Advocating for pre-disaster mitigation funding
  • Improving solvency tools, such as scenario analysis

These initiatives aim to reduce losses and expedite recovery from natural disasters, ensuring the availability and reliability of insurance as a crucial support for communities facing climate risks[18].

The NAIC collaborates with federal, state, and local stakeholders to promote resilience. By engaging in pre-disaster mitigation efforts and supporting the adoption of enhanced building codes, the NAIC works to reduce the financial consequences of extreme weather events. These efforts include:

  • Incentivizing insurers to recognize enhanced building codes in underwriting and rating
  • Continuing consumer education on coverage gaps and pre-disaster mitigation related to climate risks
  • Developing mitigation measures to reduce risk exposure for individual properties

These initiatives are detailed in the NAIC's Climate Risk and Resiliency Resource Center.

Through these comprehensive efforts, the NAIC emphasizes the importance of integrating resilience into insurance product offerings, thereby supporting community resilience-building measures and mitigating the financial consequences of extreme weather events.

Federal Engagement

The NAIC engages with federal entities to address climate-related financial risks. In June 2023, the U.S. Department of the Treasury's Federal Insurance Office (FIO) released a comprehensive report titled "Insurance Supervision and Regulation of Climate-Related Risks"[19]. This report, developed in response to Executive Order 14030 on Climate-Related Financial Risk, assesses the current landscape of climate-related supervision and regulation within the insurance sector. It identifies existing gaps and offers 20 targeted recommendations aimed at enhancing the management and oversight of climate-related risks by state regulators and the NAIC.[20][21]

Challenges and Future Directions

While NAIC has made significant strides in embedding climate considerations into the insurance sector, challenges remain:

  • The lack of standardized, high-quality climate data complicates risk modeling and regulatory enforcement.[22][23][24]
  • The fragmented nature of current efforts to integrate climate risk considerations into insurance regulation across various states.[25]
  • Ensuring affordability and availability of insurance products while maintaining solvency under growing climate risks.[26][27][28]
  • Staying responsive to changing federal and international climate regulations.[29]

Future Outlook

NAIC is likely to strengthen its role by:

  • Expanding climate-related regulatory frameworks.
  • Collaborating with environmental scientists to refine climate risk modeling.
  • Enhancing public-private partnerships to drive climate resilience and adaptation measures.

Conclusion

The NAIC’s proactive approach to climate risk underscores its commitment to safeguarding the insurance industry and its stakeholders from the challenges posed by climate change. Through ongoing innovation and regulatory advancements, NAIC aims to position the U.S. insurance sector as a global leader in climate resilience and sustainability.

References

  1. ↑ https://www.insurance.ca.gov/0250-insurers/0300-insurers/0100-applications/ClimateSurvey/
  2. ↑ https://ncoil.org/wp-content/uploads/2022/03/RevisedDraftClimateRiskSurvey.pdf
  3. ↑ https://content.naic.org/sites/default/files/national_meeting/03_Minutes-CRTF_0.pdf
  4. ↑ https://content.naic.org/sites/default/files/research-climate-scenario-naic-presentation.pdf
  5. ↑ https://content.naic.org/sites/default/files/call_materials/ecmte-materials-20240802.pdf
  6. ↑ https://content.naic.org/committees/g/international-insurance-relations-cmte
  7. ↑ https://content.naic.org/sites/default/files/inline-files/government-affairs-international-calendar-2024_14.pdf
  8. ↑ https://www.iaisweb.org/2024/05/andy-mais-elected-vice-chair-of-the-iais-executive-committee/
  9. ↑ https://content.naic.org/sites/default/files/inline-files/government-affairs-international-calendar-2024_14.pdf
  10. ↑ https://www.iaisweb.org/activities-topics/implementation-assessment/holistic-framework-implementation-assessment/
  11. ↑ https://sustainableinsuranceforum.org/members-partners/
  12. ↑ https://content.naic.org/article/director-cameron-participates-oecd-meetings
  13. ↑ https://content.naic.org/article/naic-discusses-protection-gaps-state-industry-oecd-insurance-committee
  14. ↑ https://content.naic.org/article/naic-discusses-aiml-oversight-oecd-committee
  15. ↑ https://content.naic.org/article/naic-members-discuss-risk-based-regime-innovation-advances-global-insurance-supervision-conference
  16. ↑ https://www.unepfi.org/themes/climate-change/unep-fi-at-cop-28/
  17. ↑ https://www.unepfi.org/industries/insurance/sustainable-insurance-forum-meeting-21-june-2019/
  18. ↑ https://content.naic.org/article/naic-adopts-first-national-climate-resilience-strategy-insurance-close-coverage-gaps-and-improve?utm_source=chatgpt.com
  19. ↑ https://home.treasury.gov/news/press-releases/jy1579
  20. ↑ https://home.treasury.gov/system/files/136/FIO-June-2023-Insurance-Supervision-and-Regulation-of-Climate-Related-Risks.pdf
  21. ↑ https://home.treasury.gov/news/press-releases/jy1579
  22. ↑ https://www.unepfi.org/themes/climate-change/the-climate-data-challenge-the-critical-role-of-open-source-and-neutral-data-platforms
  23. ↑ https://www.fsb.org/2021/07/the-availability-of-data-with-which-to-monitor-and-assess-climate-related-risks-to-financial-stability
  24. ↑ https://home.treasury.gov/system/files/311/FIO_FACI_Climate-Related%20Financial%20Risk.pdf
  25. ↑ https://home.treasury.gov/news/press-releases/jy1579
  26. ↑ https://www.iaisweb.org/uploads/2024/12/Global-Insurance-Market-Report-2024.pdf
  27. ↑ https://www.soa.org/resources/research-reports/2024/ins-availability-climate-risk-areas
  28. ↑ https://www.bis.org/fsi/publ/insights54.pdf
  29. ↑ https://content.naic.org/article/naic-letter-congress-reiterates-state-insurance-regulators-multi-faceted-approach-climate-risk
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