Tag Archives: insurance

In The News: How Can We Reform Property Insurance to Adapt to Climate Change? (Shelterforce)

The climate threat is growing. So is the cost of protecting our homes from its damage. Two weeks ago, Hurricane Milton rapidly intensified in Florida, demonstrating the terrifying magnitude that climate change-fueled extreme weather events can reach. Across the country, the growing frequency and intensity of wildfires, hurricanes, and even thunderstorms will require a new approach to insuring homes and communities.

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

a green forest with a tornado looming

Letters to Regulators: Letter in Support of FIO’s Proposed Climate-Related Financial Risk Data Collection

AFREF led comments to the Federal Insurance Office in support of their proposed “Climate-Related Financial Risk Data Collection” from insurers. AFREF supports this data collection because the increasingly prevalent and severe weather hazards caused by climate change pose a massive threat to the housing stability, affordability, and safety of Americans nationwide. Purchasing insurance policies is one of the few actions individuals can take to protect their property from the effects of climate-driven natural disasters. Therefore, the cost and availability of insurance is deeply related to a household’s monthly housing costs and their ability to recover from damages following severe weather. 

A pair of hands writing on paper with a pen

Letters to Regulators: Federal Insurance Office Request for Information on the Insurance Sector and Climate-Related Financial Risks

AFREF sent a letter to the Treasury’s Federal Insurance Office (FIO) on how the agency can coordinate with state insurance regulators and insurers to have the necessary data, supervisory framework, and prudential regulation in a world where climate-related losses continue to rise and pose risks to the entire financial system.