NAIC Climate Risk Disclosure Survey Results

Instructions 2

The NAIC Climate Risk Disclosure Survey is a 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.

The NAIC adopted the original Climate Risk Disclosure Survey in 2010 and it has since been administered by the California Department of Insurance. In 2022, The NAIC adopted a new standard for insurance companies to report their climate-related risks, in alignment with the international Task Force on Climate-Related Financial Disclosures (TCFD).

This revised survey incorporates international best practices in adopting a TCFD aligned framework for US insurers to report on climate risks when requested by their state regulator. The TCFD framework is structured around four thematic areas that are core elements for how insurers operate—governance, strategy, risk management, and metrics and targets.

The four thematic areas are supported by key climate-related financial disclosures—referred to as recommended disclosures—that build out the framework with information that will help regulators and others understand how reporting organizations assess and approach climate-related issues.

All insurers with direct written premium amounts of more than 100 million dollars nationwide, licensed to write in any of the participating states/territories, are required to complete and submit their survey on an annual basis. As of 2021, the following states/territories participate: American Samoa, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Guam, Hawaii, Illinois, Maine, Maryland, Massachusetts, Minnesota, Nevada, New Mexico, New Jersey, New York, Northern Mariana Islands, Oregon, Pennsylvania, Puerto Rico, Rhode Island, US Virgin Islands, Vermont, Washington.

For reporting year 2021, more than 1,500 companies responded, capturing over 80% of the entire U.S. insurance market.

Year-over-Year insurer submissions increased 6.7%, from 1,437 for reporting year 2020 to 1,541 for reporting year 2021.

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