FOR IMMEDIATE RELEASE: Dec. 10, 2025
CONTACT: Jarice Thompson, jarice@ourfinancialsecurity.org
Model Data Disclosure Legislation Would Increase Transparency and Lower Prices for Policyholders
It’s time to lift the veil on insurers hiding data while supercharging their profits
Washington, D.C. – New model legislation from the Equitable & Just Insurance Initiative reveals how states can end the discriminatory practices that major insurers justify with undisclosed climate-disaster data—practices that allow them to excessively raise premiums, drop coverage, deny claims, and pocket billions in profits. Without laws on public data disclosure, insurers will continue to control the information regulators need to detect price collusion and pursue meaningful insurance affordability reforms.
The model legislation, if implemented, would require state insurance departments to publish information tracking insurer practices including cancellations, nonrenewals, rate hikes, and claims denials. This data includes policyholder demographics similar to what is already collected and disclosed in mortgage lending for enhanced oversight and prevention of unfair or illegal discriminatory practices. The model legislation also highlights the oversight powers state insurance regulators already have to rein in excessive rate increases, investigate consumer harms, and increase transparency in the market.
“Insurers have used climate change to justify rate hikes, cancellations, and claim denials, yet they’re quietly posting record profits,” said Caroline Nagy, Associate Director of Housing Policy at Americans for Financial Reform Education Fund. “The insurance industry has fought tooth and nail to keep the public in the dark: making insurance data publicly available is a crucial step in exposing discriminatory pricing practices and protecting families from shouldering the financial costs of the climate crisis alone.”
“Transparency creates accountability,” said Kevin Hill, Senior Policy Advisor at the National Community Reinvestment Coalition (NCRC). “People and policymakers must have unbiased data on how insurance companies treat customers and communities, just as we’ve had for mortgage lenders for over 40 years. This model legislation would shine a needed light on the practices of an industry that’s raising rates and dropping coverage across the country. This will also let us know which insurance companies will truly be there when needed, and which will fight their policyholders to avoid settling claims.”
“Disasters like fires, hurricanes, and other major storms are driving up costs for all of us, and right now insurance companies are passing costs off to policyholders without any accountability for the role they play in financing climate instability,” said Jessica Garcia, Senior Policy Analyst with Public Citizen’s Climate Program. “We need data showing how much of our insurance premiums are being invested in, or otherwise propping up, fossil fuel companies and projects that are contributing to worsening disasters.”
Families and small businesses are increasingly struggling to find affordable coverage or maintain the insurance they need to stay housed or in business. At the same time, the industry is posting enormous financial gains. In 2024 alone, property and casualty insurers reported $169 billion in profits—a 90 percent increase from 2023 and a 333 percent increase from 2022.
See the 2-page explainer here and the detailed model legislation here.
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