The Illinois Department of Insurance calls on insurers to disclose climate-related risks

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SPRINGFIELD – The Illinois Department of Insurance will now require that insurance companies licensed to write business in the state complete an annual survey detailing the risks of climate change to their business operations, assets, and investments, as well as their plans to address those risks. The National Association of Insurance Commissioners Climate Risk and Resiliency Task Force recently updated the survey to align with the international Task Force on Climate-Related Financial Disclosures. All Illinois licensed insurance companies writing $100 million or more in direct premiums nationwide will be required do the survey, which is already in use in 15 other states and territories.

IDOI Director Dana Popish Severinghaus said the new financial reporting framework for climate risk gives regulators additional insight and will help Illinoisans make more informed choices about the companies they rely on for their insurance needs. “The devastating effects of climate change are certainly evident from floods, fires and other disasters,” said IDOI Director Dana Popish Severinghaus. “Insurance companies must assess risks, manage the threat of climate change and work to build resiliency. We want them to share those best practices with the consumers who buy their insurance products to provide greater transparency.”

Companies that have not previously submitted a survey response via a participating state will be granted an extension until August 30, 2023.

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October 20, 2022 at 06:58AM

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