Letters and Statements: OMB Should Approve Climate Data Call to Equip FIO and Other Financial Regulators with Information on How Climate Change is Affecting Homeowners Insurance Coverage

Americans for Financial Reform Education Fund submitted a comment letter to the Office of Management and Budget (OMB) for its approval, without delay, of the Department of the Treasury’s Federal Insurance Office (FIO) final proposed “Climate-Related Financial Risk Data Collection for U.S. Homeowners Multi-Peril Underwriting Data” (“data collection” or “data call”) from top nationwide homeowners insurers. 

The letter explains that the current proposed collection will efficiently produce valuable information in furtherance of FIO’s mission, despite the disappointing scaling back from FIO’s initial proposal, and urges the agency to commence its data collection as soon as practicable as the dual climate and insurance crises deepen each year. We hope to see additional data points included in future iterations of FIO’s annual data collection. 

Read our news release responding to FIO advancing its data call explaining that more rigorous data is needed to understand the impact of insurers’ climate decisions on consumers.

AFREF, alongside over 30 housing, consumer protections, community development, and environmental organizations, endorsed a coalition comment