Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Washington Insurance Commissioner Hosting Climate Risk Summit

Ted S. Warren
/
AP
Washington State Insurance Commissioner Mike Kreidler is interviewed in his office Friday, Jan. 11, 2008, at the Capitol in Olympia.

Mounting risks because of climate change are putting pressure on insurance companies. That has Washington's Insurance Commissioner worried. He’s hosting a climate risk summit meeting at the University of Washington this week.  

More property damage from the more frequent and more intense storms and wildfires that come with climate change means bigger insurance claims. The added expense is something that can be planned for if there is awareness, says Washington Insurance Commissioner Mike Kreidler.

“We don’t want to see insurers either leaving markets or coming back with a lot less interest in that particular market – potentially raising rates to the point where they approach real questions about their affordability going forward. And that means getting much more engaged, on a number of issues,” Kriedler said.

For example, he says insurers can put pressure on local governments to beef up their building codes. He says insurance companies also need to pay close attention to their financial portfolios and divest from heavily carbon-based investments, since many of those energy companies are currently failing.

The climate risk summit will bring together insurance and re-insurance companies as well as their regulators. They’ll also hear from academics at the University of Washington’s Climate Impacts Group, which has a new mapping tool to help pinpoint the risks and their potential costs.

Bellamy Pailthorp covers the environment for KNKX with an emphasis on climate justice, human health and food sovereignty. She enjoys reporting about how we will power our future while maintaining healthy cultures and livable cities. Story tips can be sent to bpailthorp@knkx.org.