WA | Insurance Commissioners Mike Kreidler of Washington and Ricardo Lara of California formally asked all insurers (PDF, 38MB) that are currently required to report to them annually on climate change to start reporting their climate risks in alignment with the Task Force on Climate-related Financial Disclosures (TCFD). TCFD is rapidly becoming the global standard for such reporting for all industries worldwide.
Commissioners Kreidler and Lara are among the state insurance regulators who have required insurers to disclose their climate risk through an industry-specific survey developed by the National Association of Insurance Commissioners (NAIC) since 2010. The NAIC Climate Risk Disclosure Survey is sent annually to insurance companies that generate $100 million or more in annual premium income and are licensed in the participating states of California, Washington, Connecticut, Minnesota, New Mexico, and New York. Participating insurers encompass over 70% of the U.S. insurance market.