Posted on 10/18/2022 7:55:47 AM PDT by Oldeconomybuyer
WASHINGTON (Reuters) - The U.S. Treasury on Tuesday said it was proposing a new rule to collect data on climate-related risks from property and casualty insurers, one of the first concrete actions in a new push to beef up financial regulation to help fight global warming.
The Treasury's Federal Insurance Office said in a Federal Register notice that it was seeking public comment on the proposal, under which it would collect current and historical underwriting data on homeowners’ insurance.
The zip-code level data would provide the insurance office with "consistent, granular, and comparable insurance data needed to help assess the potential for major disruptions of private insurance coverage in regions of the country that are particularly vulnerable to the impacts of climate change."
U.S. Treasury Secretary Janet Yellen has pressed U.S. financial regulators to make assessment of climate change risks a normal part of their everyday work, including a demand that companies increase disclosures of such risks to investors.
“Today’s action by the Federal Insurance Office is an important step in determining how Americans are being affected by the increasing costs of climate change,” Yellen said in a statement. “The recent impacts in Florida from Hurricane Ian demonstrate the critical nature of this work and the need for an increased understanding of insurance market vulnerabilities in the United States."
(Excerpt) Read more at news.yahoo.com ...
to beef up financial regulation to help fight global warming.
What could go wrong? It will!
Can't afford insurance in hurricane zones, you say? I bet you could if you didn't pay millions of dollars for that property -- it would have sold for a lot less if all buyers knew they'd have to either pay for storm losses themselves or had sky high insurance premiums to pay for it.
No government. In general, the less government the better.
Rate hikes justify smell. Insurance-Mortgage syndicate smell.
No Big Deal!
Our communist masters know that the pathetically servile and indolent Aamerican people will just continue to roll over and spread their collective cheeks...
The Aamerican people now understand that the First Amendment calls for them to:
Bow down!... Obey!... Snitch!...
“...that it was seeking public comment on the proposal...”
GFY.
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