Insurance Risks Examined in Treasury’s Push on Climate Change

Treasury Secretary Janet Yellen says assessing the threat climate change poses to insurers will be key to getting a handle on potential disruptions to the U.S. financial system.

• Treasury’s Federal Insurance Office is seeking public comments on how a warming planet will affect the insurance industry, according to a Tuesday statement
• As a response to President Joe Biden’s May executive order on climate change, FIO will look at climate-related gaps in supervising and regulating insurers and will assess possible disruptions in private insurance that could be caused by disasters
• “We are now in a situation where climate change is ...