Lawmakers Call for Increased Accountability on Climate Change and Rising Home Insurance

On June 4, 2024, House Representatives Jared Huffman (D-Del Norte), Mike Levin (D-CA), and Adam B. Schiff (D-CA) alongside Senator Elizabeth Warren (D-MA), sent a letter to the Federal Insurance Office (FIO) and the National Association of Insurance Commissioners (NAIC) urging them to ensure comprehensive and transparent data collection to understand and address the impact of climate change on property insurance premiums. The letter also urges FIO to use its subpoena power to compel states to participate in FIO’s data collection call and pushes the NAIC and FIO to publish the deidentified raw data for researchers and the public. “We are deeply concerned about the impact of rising homeowners’ insurance premiums on our constituents,” wrote the lawmakers.

“We have seen families reduce their coverage to cope with rising costs, making them even more vulnerable to a potential natural disaster. In some states, major insurers are pulling out entirely, leaving households scrambling for coverage or simply going without.”

“Congress created the Federal Insurance Office (FIO) to monitor issues and gaps in insurance regulations that could contribute to a systemic crisis and leave traditionally underserved communities without access to affordable insurance products,” the lawmakers continued. “Therefore, we urge FIO to use its subpoena power to compel any states who fail to participate voluntarily to submit their data, and the National Association of Insurance Commissioners (NAIC) to publish the names of any states that refuse to participate. We also urge you to publish all deidentified reported data for public use.”