Insurance Chiefs Told to Hike Scrutiny as Climate Risks Soar (1)

State insurance regulators aren’t doing enough to address and model climate-related risks amid mounting losses from storms, wildfires and other events stoked by global warming, a new Treasury Department analysis finds.

The assessment, released Tuesday by Treasury’s Federal Insurance Office, comes just weeks into a new Atlantic hurricane season, as blazes in Canada emphasize the potential financial consequences of extreme weather events and major insurers halt selling policies in some regions of the US.

“In response to rising insured losses, some insurers are raising rates or pulling back from high-risk areas,” Assistant Secretary for Financial Institutions Graham Steelesaid ...