AIA Statement in Response to California’s Climate Risk Carbon Initiative Results

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Katie Pettibone, the American Insurance Association’s (AIA) vice president for state affairs, Western region, issued the following statement in response to the California Department of Insurance’s (CDI) release of their Climate Risk Carbon Initiative results.

Katie Pettibone, the American Insurance Association’s (AIA) vice president for state affairs, Western region, issued the following statement in response to the California Department of Insurance’s (CDI) release of their Climate Risk Carbon Initiative results. CDI’s Initiative was announced in January 2016 by Commissioner David Jones.

CDI’s results may be found here, Ms. Pettibone’s statement follows:

“Insurers remain committed to addressing all related risks from weather patterns and extreme weather events. Insurers are constantly looking at their investments, analyzing all types of current and future risks – additionally companies are required via the Risk Management and Own Risk and Solvency Assessment Model Act (ORSA) to employ rigorous risk management disciplines. The risk of stranded assets is not new and is, in fact, an important part of our members’ credit analysis process. AIA and our members will continue to remain engaged with the department on all risks impacting the solvency of the companies and will review the report in greater detail.”

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