Treasury Department asks for data on climate risks from property insurance companies

Property insurance is becoming harder to find and more expensive in states like California that have been hard hit by climate change-related extreme weather events.and other recent storms. The declining availability and affordability of home insurance could put it out of reach of more homeowners.Treasury's Federal Insurance Office is seeking comments on a proposed data collection from property and casualty insurers in all 50 states to help assess climate-related financial risks across the U.

This would be the first data collection request from the FIO, which was given that authority under the Dodd-Frank financial reforms in 2010. The data collection proposal is aimed at identifying the potential for disruptions to private insurance coverage in parts of the country that are especially at risk of climate impacts.to large property and casualty insurers in most states. It would not apply to small insurers with policies below $100 million, with the exception of those in 10 particularly at-risk states.

The information would be aggregated by ZIP code, and would not include information on individual homeowners' policies. It would also go back five years to try to capture market shifts.The FIO's data request, which will have a 60-day comment period, is part of work underway at Treasury, the Federal Reserve and the SEC, among other institutions, to determine the risks climate change poses to the financial system more broadly.

"[The] FIO's data collection will add to the work of regulators and policymakers across the administration to assess climate-related risks to the financial system, the U.S. economy, and the American people," Treasury Secretary Janet Yellen said in a

ESG bullshit. The treasury department needs to stick to the treasury

Pro tip, if you build a house next to the ocean it’s probably gonna get wiped out. And that should not be my problem.

Sounds like a typical DC boondoggle.

Kaching

Oh oh

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