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Climate Change nudging regulatory changes in the US!

Dec 21, 2021

The Journal, Chartered Insurance Institute: December 20th, 2021.

https://thejournal.cii.co.uk/2021/12/20/taking-wheel-climate-change:

Any news, at this time of the year, on yet another financial bubble in making courtesy the insurance industry is not something to look forward to. Signs of hope for a correction ought to be bring some cheer. The protracted fossil fuel fixation of American insurers, for instance, seems to be begining to get addressed. The Biden administration, via the Treasury, is bringing desired vigour into the Federal Insurance Office (FIO). Hopefully, not only the financial risks from Climate Crisis but the reputational threats to some of the biggest brands, arising from their entanglement with oil and gas industry, will soon come under sharp scrutiny. This might very well homogenise the 50 sets of insurance regulations. Will it serve as a role model for the International Association of Insurance Supervisors (IAIS)? Perhaps nudge the global insurance industry away from its ongoing procrastination, too? Mind you, this is only the starting point. All eyes on the FIO. Merry Christmas!

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