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Dear John,

A new report released by Ceres today reveals that while major U.S. insurance companies are making progress in disclosing their climate-related risks and strategies, significant gaps and disparities persist across the sector.

The report, Navigating Climate Risks: Progress and Challenges in U.S. Insurance Sector Disclosures, analyzes the disclosure reports from 516 insurance groups, which total more than 1,695 individual companies, submitted to the National Association of Insurance Commissioners' (NAIC) Climate Risk Disclosure Survey for reporting year 2022. The survey is aligned with the framework developed by the Task Force on Climate-related Financial Disclosures (TCFD), the leading global standard for corporate climate risk disclosure.

Some key findings from the report include:

94% of insurers reported on risk management processes, 86% on strategy, 81% on governance, but only 29% disclosed metrics and targets related to climate risks.
Just 26% of insurers provided disclosures across all four pillars of the TCFD framework (governance, strategy, risk management, metrics and targets).

See more key findings from the report

Ceres will present this analysis at an open meeting of the National Association of Insurance Commissioners’ Climate and Resiliency (EX) Task Force – Climate Risk Disclosure Workstream on July 9 at 3pm ET.

Join the open NAIC meeting on July 9

With insurers facing mounting claims from climate-fueled disasters, the report emphasizes the need for accelerated action to maintain affordability and availability of coverage across the nation, especially in high-risk areas.

Thank you,

Steven M. Rothstein
Managing Director,
Ceres Accelerator for Sustainable Capital Markets
[email protected]
@stevenrothstein

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