Experts Highlight Mitigation and Governmental Funding Roles in Addressing Climate Risk 

Part I Report From NAIC International Forum 

By Will Behnke and Barbara Bryant 
Academy Policy Staff 

First of a three-part series. 

The world is evolving in unheralded ways and it’s hard to keep up with-much less adapt to-so many varied and far-reaching developments. How will the insurance industry be affected by rapidly emerging environmental, technology, economic, and other trends? And how can or should the industry evolve to adapt to uncertainty on multiple fronts while continuing to serve the public?  

More than 250 industry experts gathered in Washington, D.C., during the NAIC’s 2025 International Insurance Forum in late May to explore these and many other questions. This three-part blog series highlights what the Academy identified  as key issues during the keynote sessions and expert panel discussions.  

Climate Risk/Resilience 

Panelists: 

• Jeff Manson, Senior Vice President, Underwriting, Head of Global Public Sector Partnership, RenaissanceRe 
• Dr. Daniel Kaniewski, Managing Director, Public Sector, Marsh McLennan 
• Siham Ramli, Director of Communication & International Relations, Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS) 

Moderator:  

• Ricardo Lara, Co-Chair, NAIC Climate and Resiliency (EX) Task Force and Commissioner, California Department of Insurance  

During the panel on climate risk and resilience, the focus remained upon the increasing number and intensity of severe weather events worldwide, which has subsequently increased a broader awareness to the need for prioritizing risk mitigation, not just post-disaster recovery. The panelists, representing domestic and international perspectives from industry and the public sector, discussed steps stakeholders can take to minimize damage to property, as well as ways to spur communities to become more resilient. They also pointed out that governments’ current model of providing disaster relief funding could inadvertently disincentivize communities from pursuing risk reduction measures.   

They described mitigation strategies governments can adopt, leveraging tax credits and funding, to encourage public and private investment. One such example, at the local level, was the suggestion that governments could revise building codes, conduct retrofit funding programs, and create and oversee multi-channel homeowner education campaigns. One specific example noted by the panel was the Strengthen Alabama Homes program, which provides homeowners with grants and inducements to protect their property against hurricanes and other storm damage. Insurance agents can serve as front-line educators, explaining insurance products and risk-mitigation strategies to vulnerable and rural populations. 

Participants also flagged areas of concern that need to be addressed as efforts to educate and inform continue. One area includes litigation abuses, such as assignment of benefits fraud, and the lack of legal uniformity across jurisdictions, both of which can discourage insurers from entering or staying in certain markets and undermine policyholder confidence. In addition, many of the solutions discussed by the panelists will require implementation of technological, legislative, and regulatory reforms to ensure climate risk factors are identified, widely discussed, and incorporated into construction and urban planning standards. Going forward, further conversations, public-private partnerships, and stakeholder education will be critical as governments seek to implement and employ risk mitigation strategies. 

The Academy’s Engagement 

The Academy’s Climate Change Joint Committee has several ongoing and recently completed work products that highlight the significance of climate risk and examine the implications of climate change. Two anticipated projects that contribute to these discussions among insurers, regulators, legislators, and other stakeholders are the issue brief on the importance and relevance of publicly available climate data, which is on track to be published by fall 2025, and an issue brief that explores the dichotomy between climatic events and insurance affordability which should be completed in early 2026. Two previously published Academy work products include the July 2024 issue paper, Climatic Events, Inequities, and Risk Mitigation, and the June 2023 issue paper, Climate Risks Pose Broad Impacts on Financial Security Systems.