The Treasury Department’s Federal Insurance Office (FIO) is taking the next step in its plan to collect data from insurers to assess climate-related financial risks facing homeowners and others nationwide.
The agency has asked the Office of Management and Budget (OMB) to approve its first-ever data collection project, which was proposed last year and aims to help the government assess the potential for major disruptions of private insurance coverage in regions that are particularly vulnerable to climate change. The FIO said the information would also help it assess both the availability and affordability of insurance for homeowners and other insured entities.
