WASHINGTON (Sept. 13, 2023)
̳ Responds to U.S. Senate Committee on Banking, Housing, and Urban Affairs' Recent Hearing, ‘Perspectives on Challenges in the Property Insurance Market and the Impact on Consumers’
The ̳ (̳), on behalf of the chief insurance regulators in the 50 states, the District of Columbia, and the U.S. territories, submitted a letter detailing regulators’ commitment to addressing climate-related risk and resiliency issues to United States Senate Committee on Banking, Housing, and Urban Affairs Chairman Sherrod Brown and Ranking Member Tim Scott. The letter is in response to the committee’s September 7, 2023, hearing titled, “Perspectives on Challenges in the Property Insurance Market and the Impact on Consumers.”
The letter emphasizes the ̳’s commitment to the industry and its consumers regarding climate-related risks and the purpose of the ̳’s Climate and Resiliency Task Force. The Climate Resiliency Task Force builds on existing efforts to address the economic consequences of natural disasters, while relying on decades of expertise and experience in managing the economic fallout of these sorts of disasters.
The letter also references the ̳’s plan to issue a data call, a plan announced in August during the organization’s Summer National Meeting. The goal of the data call is to support insurance regulators with collecting data from insurers to better understand property markets and coverages and protection gaps, especially when related to challenges around the availability and affordability of property insurance.
About the ̳
As part of our state-based system of insurance regulation in the United States, the ̳ (̳) 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 ̳, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. ̳ staff supports these efforts and represents the collective views of state regulators domestically and internationally.