State Farm announces its first Task Force on Climate-Related Financial Disclosures

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The insurer issued a release discussing the ways in which it is addressing climate risks. State Farm has announced the creation of its first Task Force on Climate-Related Financial Disclosures (TCFD) report. The goal is to provide transparency regarding its climate risk strategies for policyholders and its own business. In the release, State Farm recognized that climate change is bringing about greater risk and uncertainty for policyholders, particularly in terms of the severity, frequency, and location of catastrophic weather events. As such, the insurer has acknowledged its primary role as…

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Nature Conservancy purchases an insurance policy to cover Hawaii’s coral reefs

Insurance policy - Coral Reef with fish

The nonprofit is the first organization to obtain coverage for the coral’s repair following coastal storms. Coastal storms in Hawaii have been damaging already threatened coral reefs and the Nature Conservancy nonprofit has now purchased an insurance policy to repair that damage. State officials cannot afford to implement the repairs that the coverage will pay the nonprofit to do. This first-of-its-kind insurance policy approach to climate change is an effort to obtain the necessary funding to help the coral reefs in Hawaii to keep up with the worsening storms. This…

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Low flood insurance coverage worrying as climate crisis advances

Flood insurance - Flooded Road Sign

As losses from flooding skyrocket from one year to the next, uninsured rates are setting up for disaster. Low levels of flood insurance are occurring at a time during which the risk and cost of damage are taking off due to more frequent and more severe events caused by climate change. From 2011 through 2020, insured flooding losses doubled to $80B worldwide compared to the decade before. That said, flood insurance penetration is still sitting at a worrying 18 percent, according to the recent economic insights report focused on flooding…

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California signs heat wave ranking and early warning system law

Heat wave - City

Signing AB 2238 is labeling the state as a world leader in efforts for protection against climate change effects. California Governor Gavin Newsom has signed Assembly Bill 2238 into law, creating the first statewide heat wave ranking and early warning system to help state residents to prepare. AB 2238 was sponsored by Insurance Commissioner Ricardo Lara to help protect Californians. The bill was co-authored by Assemblymembers Luz Rivas, Eduardo Garcia, and Cristina Garcia. It will create the first statewide ranking and early warning system in the country for heat waves…

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Sustainable food and agriculture movement leaders sponsor US Farmers & Ranchers in Action’s fourth annual Honor the Harvest Forum

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Sponsors fund premier forum focused on addressing needs of the next Decade of Ag St. Louis, MO, September 13, 2022- U.S. Farmers & Ranchers in Action (USFRA) announced today the sponsors of the fourth annual Honor the Harvest Forum, an invitation-only executive leadership convening to explore top-line challenges facing agriculture. Attending leaders will co-design solutions with the best minds in food, agriculture, finance, science, and technology and all work together to further global sustainable food systems. This year’s signature sponsors, all recognized leaders in the sustainable food and agriculture movement…

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Australian home insurance prices climb due to climate change

Home insurance - Australia - Map

A new green paper report from Finity has shown that global warming is skyrocketing coverage costs. Climate change is having an impact worldwide, but it isn’t dolling out the pain equally, as Australian homeowners are discovering as their home insurance premiums rapidly climb, said a new Finity green paper report. The Australian coverage industry is experiencing increasing losses due to extreme weather events. The Australian home insurance industry has been experiencing rising losses from extreme weather-related events over the last decade, even accounting for exposure growth and inflation. This year…

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Treasury Department investigates insurance coverage impact of climate change

Insurance coverage - Climate Change Investigation

Concern is rising over the harm increasingly extreme weather is having on property rates and availability. The US Treasury Department is addressing rising concern over the impact of climate change on the availability and affordability of property insurance in disaster-prone areas. The Treasury is now launching the first nationwide insurers’ financial exposure assessment to climate risk. A preliminary email was issued by the Federal Insurance Office to regulators in every state. The email requested the data they had available for insurance coverage, liabilities and losses across the last half decade…

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