NAIC cites climate risk among its 2023 strategic priorities

The National Association of Insurance Commissioners (NAIC) has cited climate risk, data/AI, and cybersecurity and innovation among its strategic priorities for 2023.

Each year NAIC members finalize and announce the company’s priorities for the full-year.

In terms of climate risk, NAIC stated that increased risks pose a threat to the lives, property, and livelihood of millions of Americans.

NAIC members noted that throughout the year, its members will work to close climate risk-related protection gaps through an ongoing consumer education campaign, raising awareness of the need for coverage and the support state departments of insurance can offer.

Further initiatives include NAIC advocating for a stable, long-term National Flood Insurance Program and standing up the Catastrophe Modeling Center of Excellence to further empower states in their risk analysis and mitigation efforts.

Source: Reinsurance News, https://www.reinsurancene.ws/naic-cites-climate-data-cyber-innovation-among-priorities-for-2023/