Enterprise provided a number of recommendations to the U.S. Treasury’s Federal Insurance Office (FIO) on its future efforts relating to the insurance sector and climate-related financial risks.

Enterprise submitted comments to the U.S. Treasury’s Federal Insurance Office (FIO) who had previously published in the Federal Register a request for information (RFI) on its future efforts relating to the insurance sector and climate-related financial risks. The RFI seeks input on FIO’s efforts to assess climate-related issues or gaps in the supervision and regulation of insurers, including their potential impacts on U.S. financial stability as well as facilitating mitigation and resilience for climate-related disasters.

Enterprise’s comments commend FIO’s engagement on climate-related issues and leveraging the insurance sector’s ability to help achieve climate-related goals. Key recommendations included: Providing accurate, up-to-date information about current climate risks and future conditions. Incentivizing risk reduction products to protect economically disadvantaged and “at risk” households from natural hazard perils including flooding, fire, wind and earthquakes. Updating flood maps to expand insurance coverage uptake. Maintaining insurance affordability, especially for low-income populations. Enforcing stronger building codes to protect assets and ensure they can withstand future risk.