Connecticut Insurance Department Releases its National Climate Risk Survey

Locke Lord LLP

On August 16, 2021, The Connecticut Department of Insurance released its National Survey on Climate Risk in the Insurance Industry. The survey’s main objectives are for insurers to report on climate-related risks and to provide the Department with more information to evaluate climate risk.

“Connecticut has over $750 billion worth of insured coastal property and the value of that coastal property compared to all insured property is second only to Florida,” Connecticut Insurance Commissioner Andrew N. Mais said. “To prepare to meet these significant challenges, the survey will provide data to better understand these growing threats and protect consumers from climate-related loss.”

The survey asks insurers eight National Association of Insurance Commissioner questions to assess strategy and preparedness in areas like emissions/carbon footprint, investment, mitigation, financial solvency, and customer engagement. The Connecticut Insurance Department sent the survey to Connecticut-domiciled insurers who collected more than $100 million in direct written premium nationwide during the 2020 reporting year.

Last year, over 1,000 responses were collected, representing 70% of the US Insurance Industry. Over 75% of the insurers who responded identified and assessed their climate risk.

You can find the Connecticut Insurance Department press release here

You can find the 2020 Climate Risk Disclosure Survey responses here

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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