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The news of increased alignment with the TCFD guidelines comes as insurance companies worldwide work toward consistent climate disclosure, a recommendation of multiple continue international insurance supervisors and a requirement in France. “This is a significant step in the right direction for climate disclosures in the insurance industry,” said Commissioner Kreidler. “Using TCFD’s guidelines allows insurance regulators to assess insurers’ risk in a meaningful way, it streamlines reporting for the insurance industry and aligns with practices in other industries nationally and internationally.” “The record-breaking wildfires, heat waves and extreme weather we experienced in 2020 are a taste of the future,” said Commissioner Lara. “With more insurance companies adopting a global standard for reporting climate risks, the industry is going to be in a better position to meet growing threats in a way that protects consumers and prevents future losses.” “Commissioner Kreidler, Commissioner Lara and their colleagues deserve credit for their leadership in addressing climate risks facing people across the country,” said Steven M. Rothstein, Managing Director, Ceres Accelerator for Sustainable Capital Markets. “Using TCFD climate disclosure is a vital first step for insurance companies to address climate change.” “Globally climate change financial risk is now a mainstream focus of forward-looking firms and economies," said Geoff Summerhayes, executive board member of the Australian Prudential Regulation Authority. "The adoption of TCFD has been a critical enabler of this shift.” Survey responses for the current and prior years are available to the public and can be found on the California Department of Insurance website. – Approximately 80 percent of insurers plan to assess, reduce or mitigate emissions in their operations or organizations. – 56 percent of insurance companies do not have a climate change policy with respect to risk management and investment management.

https://www.lakeconews.com/news/business/67411-u-s-insurance-departments-report-progress-toward-consistent-global-standards-for-measuring-growing-climate-risks

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