Department of Financial Services Surveys Insurers on Climate Risks

In February 2012, in the wake of the recent increase in catastrophic weather events, the New York State Department of Financial Services (DFS) announced a joint initiative with the California Department of Insurance and the Washington State Office of the Insurance Commissioner to survey insurance carriers regarding climate change risks and the actions insurers are taking to study and address those risks. At the beginning of March, the DFS informed insurers that participation in the climate risk survey is mandatory for those insurers licensed in New York that collected direct written premium in excess of $300 million in 2011. The survey responses, due May 7, 2012, will be published on the DFS website.