For Immediate Release:
SAINT PAUL, MN – Minnesota Department of Commerce Commissioner Mike Rothman announced today that Minnesota has joined with California, New York, Connecticut, and Washington State to require insurers to respond to the Climate Risk Survey adopted in 2009 by the National Association of Insurance Commissioners (NAIC).
The Commerce Department notified insurers in Minnesota of the need to participate in the survey, which is due August 30, 2013. This year, the initiative was expanded to include all companies licensed in Minnesota writing more than $100 million in direct written premium to respond to the climate change survey – effectively doubling the number of responding companies. The expansion of the survey will allow participating states and consumers to have a better picture of how insurers are responding to climate change.
“Minnesota is joining forces with key states to help evaluate the impact of climate change on the insurance industry,” said Commissioner Mike Rothman. “This survey will help us get a clearer picture of how insurers are addressing the risks and the best ways to adapt to our changing climate.”
Prior survey results are located on the California Department of Insurance’s website. Minnesota, California, and the other states sponsoring this data collection will continue to work cooperatively with the NAIC and other NAIC member states and jurisdictions by sharing the survey result data which is due August 1, 2013.