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Private Property, Climate Information Disclosure and the Roles of Insurance and Government
Chapel Hill, NC
March 19–20, 2015
The UNC Chapel Hill Center for Law, Environment, Adaptation and Resources (CLEAR), the Georgetown Climate Center and the Cooperative Institute for Climate and Satellites – North Carolina (CICS-NC), hosted a knowledge exchange seminar and networking event to discuss climate-related risks and opportunities for business and industries as it pertains to insurance risk disclosure.
Climate change risk disclosure is necessary for both the insurance industry and the businesses which utilize insurance, including financial institutions that hold land as investments. The insurance industry needs accurate information to create actuarially correct products, and the property sector needs information both directly and in insurance signals to make appropriate land usage decisions.
The Objectives of the workshop included:
- Discuss the base assumption of legislative requirements related to the disclosure of climate change risk information, including the utility of these disclosures to insurance, reinsurance, and private business, and
- Discuss the best way to require and disseminate this information in order to accurately price climate risk and encourage good adaptation in the property sector.
The workshop convened a variety of distinguished guests from academia, private property development and management, the insurance industry, and government representatives. Notable among the guests were the North Carolina and Washington State Insurance Commissions, the President of the Reinsurance Association of America, and the Deputy Associate Director for Climate Preparedness from the White House Council on Environmental Quality.