Responses to Climate Risk Disclosure Survey Due by Nov. 30th

Responses to Climate Risk Disclosure Survey Due by Nov. 30th

The California Department of Insurance (CA DOI), in collaboration with several other state insurance departments, has released the Climate Risk Disclosure Survey for reporting year 2021 for insurers' completion. 

The Climate Risk Disclosure Survey was initially developed and adopted by the National Association of Insurance Commissioners (NAIC) in 2010, and it has been administered by the CA DOI. The survey serves as a voluntary risk management tool for state insurance regulators to request from insurers, on an annual basis, a non-confidential disclosure of the insurers’ assessment and management of their climate-related risks. 

As of 2021, the following states/territories participate in the survey: California, Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, Minnesota, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Vermont, and Washington. All insurers with countrywide premium written of at least $100 million, licensed to write in any of the participating states/territories, are required to complete and submit their survey on an annual basis.

In April 2022, the NAIC adopted a redesigned survey in response to recommendations from the U.S. Financial Stability Oversight Council (FSOC) and to incorporate international best practices by aligning it with the international Task Force on Climate-Related Financial Disclosures (TCFD).

Annual responses to the survey have historically been due on August 31; however, in order to allow additional time for insurers to move to the newly adopted reporting structure, the submission deadline has been moved to November 30, 2022 for reporting year 2021. Please register and submit your survey responses to the CA DOI by going to the survey registration webpage

To contact Climate Risk Administration, please email climaterisksurvey@insurance.ca.gov.

 

Link to Survey Registration Webpage

Link to the CA DOI Climate Risk Disclosure Survey Webpage

Link to the NAIC Climate Risk Disclosure Survey Guidance Document

Link to Letter from the State of Washington Office of Insurance Commissioner Regarding the Climate Risk Disclosure Survey Reporting Year 2021