Climate Action 2012-2013

POLICY, GOVERNANCE AND FINANCE
Earlier in 2012, I and my counterparts in two
other key states – California and New York –
decided to issue another disclosure survey to
major insurers in our states. This time, the survey
would be mandatory. We’re now in the process of
analysing the data that insurers provided.
Based on what we’ve seen and heard from
insurers over the past couple of years, there
seems to be a growing awareness among insurers
that climate change is an issue that will directly
affect them. That said, there remains much work
to be done.
I’m also encouraged that the United States
Securities and Exchange Commission now
requires climate risk management disclosures for
publicly traded insurers. That helps keep climate
change in the forefront of insurers’ minds.
I believe that an alliance of the insurance industry,
the public sector, the scientific community and
other corporate citizens can help develop policies
to protect our people and economy from the
harm posed when devastating forces of nature are
unleashed. We are truly all in this together; we
should share information, applying investment
and business strategies to address the outcomes of
a changing climate.
“The United States Securities
and Exchange Commission
now requires climate risk
management disclosures for
publicly traded insurers.”
Mike Kreidler, a former state legislator and member
of Congress, is serving his third term as elected
insurance commissioner for the State of Washington,
USA. He chairs the National Association of Insurance
Commissioners’ Climate Change and Global Warming
Working Group.
The Office of the Insurance Commissioner
oversees Washington’s insurance industry to make
sure that companies, agents and brokers follow the
rules and protect consumers. The Office investigates
problems from more than 100,000 consumers each
year, conducts licensing, auditing and monitoring of
Washington-based insurers and collects about US$1
billion a biennium for the state’s general operating
budget.
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