02 Feb '12, 8pm

Insurance companies in 3 states will now have to assess climate change risk:

Insurance companies in 3 states will now have to assess climate change risk:

New York insurance companies are preparing for increased risk of flooding in the future. (Photo by Dave Bledsoe.) Cross-posted from ThinkProgress Green . Following the most damaging year of climate disasters in the United States in history, the insurance regulators in three states — California, Washington, and New York — announced that all major insurance companies operating in their states will be required to assess and publicly disclose the climate change-related risks they face, both in their underwriting as well as in their investment activities. Because of the consolidation of the insurance industry, this state-level action is effectively a national policy, as it affects 90 percent of the entire U.S. insurance market. Benjamin M. Lawsky, superintendent of New York’s Department of Financial Services, whose portfolio includes insurers, said in a statement that global wa...

Full article: http://grist.org/climate-change/risky-business-states-req...

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