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CSFI Participates in U.S. Treasury Roundtable on Insurance Markets

The U.S. Department of the Treasury hosted a roundtable discussion on February 26 with experts and representatives from climate and consumer groups, including CSFI, to discuss how the increased risks from climate change are affecting U.S. insurance markets.  Michael Hecht, President & CEO of Greater New Orleans, Inc., participated in the roundtable, led by Secretary for Domestic Finance Nellie Liang, Climate Counselor Ethan Zindler, and other senior Treasury officials.

The event covered climate change and its effects on insurance access and availability for single- and multi-family residences; mitigation and resilience efforts; and potential solutions to challenges in U.S. insurance markets.  This event complements President Biden’s Executive Order 14030, which leverages a government-wide approach to addressing climate-related financial risk by asking the Federal Insurance Office (FIO) to “assess climate-related issues or gaps in the supervision and regulation of insurers” and “further assess, in consultation with States, the potential for major disruptions of private insurance coverage in regions of the country particularly vulnerable to climate change impacts.”  The FIO plays an important role in nationwide insurance coordination and sharing information across states, like through the proposed collection of granular underwriting data on homeowners insurance.