A long-delayed effort to determine how climate change is upending insurance markets could fall short in part because some of the states hit hardest by global warming refuse to participate.
At issue is a first-of-its-kind project by state insurance regulators that seeks to collect data from insurance companies about their policies, premiums and claims. The effort comes as natural disasters push insurance companies to hike prices and limit their footprints across the United States.
The data collection was sparked by an executive order signed by President Joe Biden in 2021 that called on the Treasury Department — “in consultation” with states — to assess climate change’s potential to disrupt insurance coverage.
Nearly three years later, the initiative is finally underway.
