In Wake of California’s Wildfires, Wyden and Colleagues Call on Treasury Department to Swiftly Publish Data about Impact of Climate Crisis on Homeowners Insurance

In Wake of California's Wildfires, Wyden and Colleagues Call on Treasury Department to Swiftly Publish Data about Impact of Climate Crisis on Homeowners Insurance

Washington, D.C. - U.S. Senator Ron Wyden, D-Ore., and seven of his Senate colleagues urged the U.S. Department of the Treasury and Federal Insurance Office (FIO) to immediately publish data and analysis about how the climate crisis impacts homeowners insurance nationwide. They also called for the data to be shared with the Financial Stability Oversight Council (FSOC), which includes key federal and state financial regulators whose decisions about housing and insurance policy could be shaped by insights from this data.

In the letter to Treasury Secretary Janet Yellen and FIO Director Steven Seitz, the senators underscored, "Gathering this data is important because natural disasters made worse by climate change are squeezing homeowners and insurance companies nationwide. Public access to this data can help us better understand this crisis of affordability and availability."

Making information public about the homeowners insurance market, including premium and rate increases and market withdrawals, would ensure Congress, FSOC, researchers, policymakers, and the public are better prepared for future climate-related risks. Also, publishing and examining this data is critical to understanding the growing crisis of homeowners insurance being less affordable and accessible. Families and communities nationwide, including those in regions that are less vulnerable to climate-related disasters, are increasingly struggling to afford or even access home insurance.

The senators stressed, "Failing to publish this data will prevent informed decisions and implementation of impactful policy changes that can help communities and households live and grow in a more climate-resilient manner. Piecemeal data kept privately will not aid our efforts to address the growing national issue of homeowner insurance availability and affordability, especially as disparate policies and climate events throughout the country have devastated communities and will continue to do so."

"Homeowners need this data to understand how much climate change is going to increase their insurance costs. Policymakers need the data to hold insurers accountable and to chart a more resilient path forward," said Kelsey Condon, Policy Counsel for Climate Finance at Americans for Financial Reform. "Right now, insurers are dropping long-time customers left and right and people need to know if it's going to happen to them next. There is no reason the government should be withholding this information from the public and we hope that the Treasury Department seizes this closing window of opportunity."

The letter text is here.

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