The Biden administration faces new pressure to drop its ambitious plan to collect data from property insurers that would show how climate change is affecting the cost and availability of coverage.
A leading insurance industry group asked Treasury Secretary Janet Yellen to “abandon” the department’s effort to determine for the first time neighborhoods where property insurance is scarce, expensive or jeopardized by climate impacts.
The effort to highlight vulnerable areas comes as dozens of insurers have become insolvent or scaled back coverage in disaster-prone states such as California amid huge losses and growing damage from hurricanes, wildfires and flooding.
The analysis, a key part of the administration’s climate agenda, is required under President Joe Biden’s 2021 executive order on climate-related financial risk.
executive order on climate-related financial risk.
