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Climate Change Proposals Put Insurers in ‘Impossible Position,’ NAMIC Tells Regulators

SAN FRANCISCO (June 1, 2008) – Proposals included in a controversial white paper on climate change and insurers raise serious concerns, according to the National Association of Mutual Insurance Companies (NAMIC). The white paper was adopted by a task force during the National Association of Insurance Commissioner’s quarterly meeting here this weekend.

The document, “The Potential Impact of Climate Change on Insurance Regulation,” was modified following testimony by NAMIC and other industry groups.

“We’re pleased the white paper adopted includes revisions that acknowledge the uncertain state of climate science in terms of the impact climate change may have on insurable hazards,” said Robert Detlefsen, NAMIC’s vice president for public policy. “Unfortunately, much of the document ignores that caveat and proceeds as if the impacts of climate change on weather-related catastrophic events are fully known and/or knowable by insurers.”

The document does not cite scientific evidence, Detlefsen explained. “It treats climate change as a separate risk rather than an ongoing phenomenon,” he said.

Also on the agenda for the Climate Change and Global Warming (EX) Task Force was a proposal for insurers to disclose certain information relating to their handling of risks possibly associated with climate change. The latest draft includes specific questions insurers would be required to address.

“We have serious concerns about the content of the questions included in the latest draft proposal as well as the reporting format,” Detlefsen. “We are pleased committee Chairman Sean Dilweg provided an opportunity for interested parties to provide input on the draft. We will submit extensive comments.”

For further information, contact
Nancy Grover
Director - Media Relations
(202) 628-1558 Tel
(202) 628-1601 Fax
ngrover@namic.org