The Department’s initial guidance to insurers falls short of what is needed to manage climate-related financial risk, groups say
The comment states:
“The Bulletin should be strengthened in line with the Department’s mission to protect consumers and the public interest. Recent changes in Connecticut law recognize that climate change poses a unique risk to insurance companies and vulnerable communities and that management of that risk, particularly through reducing insured and financed emissions, is key to protecting consumers and the insurance industry.”
“Connecticut Citizen Action Group is extremely encouraged by this important effort from the Connecticut Insurance Department. The support from 18 organizations clearly shows how many people, both here in Connecticut and nationally, understand the importance of this work. We look forward to continuing to work with the CID on managing climate risk in the insurance industry, and hope the department will seriously consider the coalition’s suggestions,” said Tom Swan, executive director of Connecticut Citizen Action Group.
“Public Citizen commends the Connecticut Insurance Department on moving forward guidance for domestic insurers’ climate risk management. The Department’s Bulletin must be strengthened to protect consumers and communities. Insurers must develop plans to mitigate their climate-financial risk, including plans to reduce financed and insured emissions in line with state greenhouse gas emissions reductions goals, and ensure that climate risk management does not harm vulnerable communities,” said Yevgeny Shrago, policy director for Public Citizen’s Climate Program.
Public Citizen also submitted a detailed technical comment in response to the Bulletin.