State insurance regulators have a plan to bolster U.S. insurance markets amid record-smashing losses driven by climate change.
The National Association of Insurance Commissioners unveiled Friday its first national strategy aimed at addressing insurance companies’ growing exposure to climate risk — and its implications for consumers.
The strategy seeks to drive down losses and facilitate recovery after wildfires, floods and other natural disasters. It comes amid mounting evidence that insurers are hiking prices and shrinking their footprints in risky areas, rendering it increasingly difficult for consumers to access and pay for coverage.
The situation, NAIC said, merits cohesive action by regulators to stabilize the industry and keep at-risk communities insured.
