Insurance industry pushes back on US climate risk data demand
Insurers are resisting efforts by the US government to probe whether hurricanes and wildfires are making insurance unaffordable for American homeowners, as financial regulators sharpen their scrutiny of climate-related risks.
The US Treasury has proposed requiring insurers to hand over underwriting data, broken down by zip code and covering the last five years, in an attempt to assess the potential for “major disruptions” in insurance coverage in some parts of the country.
But business groups have argued the plans would push up costs for insurers, and accused the Treasury of failing to co-ordinate with state-level regulators, in comments submitted before a deadline this week.
This story originally appeared on: Financial Times - Author:Aime Williams
