Home Insurers To Be Scrutinized In Climate-Risk Study

For the first time, property insurers will send data, including recent coverage pullbacks in several states, to the Treasury Department for a climate-related financial risks study.

Hurricane Ike flooding
(Image credit: U.S. Air Force photo/Staff Sgt. James L. Harper Jr.))

The Treasury Department’s Federal Insurance Office (FIO) is taking the next step in its plan to collect data from insurers to assess climate-related financial risks facing homeowners and others nationwide.

The agency has asked the Office of Management and Budget (OMB) to approve its first-ever data collection project, which was proposed last year and aims to help the government assess the potential for major disruptions of private insurance coverage in regions that are particularly vulnerable to climate change. The FIO said the information would also help it assess both the availability and affordability of insurance for homeowners and other insured entities.

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration. 

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