How will insurance be affected by climate change?
National and international climate work
Commissioner Kreidler has maintained a leadership role on climate change and insurance at the National Association of Insurance Commissioners (NAIC) since the mid-200s. He’s currently co-vice-chair of the NAIC Climate Risk and Resilience Executive Task Force (www.naic.org), which is the group’s coordinating body for discussion and engagement on climate-related risk and resiliency issues.
In 2016, the OIC became a founding member of UNEP’s Sustainable Insurance Forum (sustainableinsuranceforum.org), a network of insurance supervisors and regulators working together to strengthen their response to relevant sustainability challenges.
Commissioner Kreidler is a frequent commentator on issues that pertain to insurance and climate change. For example, in 2023, he has spoken to a panel hosted jointly by the Institute of International Finance and Deloitte in Washington, D.C., as well as a seminar hosted by Insurance Journal.
In June 2020, Insurance ERM named Commissioner Kreidler an insurance industry leader on climate change (insuranceerm.com).
Evaluating insurers' climate risk
Commissioner Kreidler helped create the NAIC’s Climate Risk Disclosure Survey. Since 2010, the OIC has partnered with other states to require insurers with a certain dollar amount of premiums to reply to this required survey regarding their preparedness to address climate change risks.
The NAIC strengthened and updated the survey in 2022. Respondents must now align their responses to the international standard set out by the Task Force for Climate-Related Financial Disclosure. Responses are now more robust and useful to regulators and the public.
The California Department of Insurance coordinates the survey responses and publishes the results on its website (insurance.ca.gov).