The $154.2 billion California State Teachers’ Retirement System (CalSTRS) has requested mandatory regulatory disclosure of financial risks of climate change by insurance companies, Pensions & Investments reports. A Ceres report found only 11 of 88 insurance companies reported having formal climate risk management policies in place. More than 60% of respondents said they have no dedicated management approach for assessing climate risk. The report also revealed that only California, New York, Pennsylvania and Washington require public disclosure. In 2009, the National Association of Insurance Commissioners introduced a mandatory climate risk disclosure standard for insurers.
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