Federal Insurance Office (FIO) News

Industry Trades Applaud New FIO-NAIC Partnership on Data Collection

The U.S. Treasury late last week backed off a plan to have the Federal Insurance Office (FIO) collect data on climate-related risks from property/casualty insurers—an outcome that had been sought by the insurance industry since the proposal was published in …

US Treasury Drops Plan to Collect Insurer Data on Climate Risks

The US government is stepping away from its effort to collect data on home insurance prices and availability at the Zip code level as premiums soar and climate risks to property intensify. Instead, it will join in a collaborative effort …

Florida Commissioner, NAMIC Latest to Push Back on Federal Climate Change Data Call

Florida’s insurance commissioner and the National Association of Mutual Insurance Companies are pushing back against a plan by the U.S. Treasury to collect data from insurers on risks from climate change, calling it “federal overreach,” burdensome and unauthorized by law. …

Federal Cyber Insurance Backstop Is Warranted With Focus on Catastrophic Risk

Much more work and collaboration needs to be done but the U.S. Treasury has reached a “tentative conclusion” that a potential federal cyber insurance backstop will be focused on catastrophic cyber risk. “We will remain focused on the policy options …

State Regulators Need to Improve ‘Fragmented’ Efforts to Assess Insurers’ Climate Risks: FIO

The Federal Insurance Office (FIO) has released a new report analyzing climate-related issues and gaps in U.S. insurance supervision and regulation, saying state regulatory efforts are fragmented and limited. FIO, part of the U.S. Department of the Treasury and formed …

A Look Back at Boston Marathon Bombing Insurance Claims

Ten years ago, on April 15, 2013, two brothers placed pressure cooker bombs near the finish line of the Boston Marathon. The devices detonated within seconds of each other, killing three people, injuring more than 260 others, and causing property …

NAIC Adds ‘Deep Concerns’ to FIO Bid to Collect Climate Change Data From Insurers

In a letter to the Treasury’s Federal Insurance Office, the National Association of Insurance Commissioners expressed its “deep concern” over a proposal to collect data on climate-related risks from property and casualty insurers, and its disappointment that insurance commissioners have …

RIMS Sends Letter to FIO in Support of Cyber Insurance Backstop

RIMS said it issued a comment letter to the Federal Insurance Office in response to legislative dialogue regarding a federal backstop for large-scale catastrophic cyber incidents impacting infrastructure. RIMS indicates that risk professionals would likely support a well-crafted federal cyber …

Industry Trades Respond to FIO’s Proposal to Collect Climate Change Data

Shortly after Treasury’s Federal Insurance Office (FIO) proposed to have P/C insurers submit homeowners insurance underwriting data to assess climate risk, the response from industry trade associations was, at best, tepid. “You don’t need a massive data collection to know …

Biden Administration Seeks Views on Climate Risks in Insurance, Financial Markets

In a season of daunting wildfires and flooding, the Biden administration is taking an initial step to assess how climate change could harm financial markets with the launch of a 75-day comment period on how the impacts could reshape the …