JEC News:

WASHINGTON, D.C. — Sen. Martin Heinrich (D-NM), Chairman of the U.S. Congress Joint Economic Committee (JEC) and the Joint Economic Committee Democrats released a new report today titled, “Climate Risks are Already Destabilizing Insurance Markets and Threatening Americans’ Financial Security.”

The report highlights the impact that climate change is already having on the financial well-being of individual American families, public and private insurance markets, local governments, and the broader financial sector.

“Climate change is not only a threat to our planet, it’s also a real threat to our financial well-being. Wildfires, floods, and hurricanes – and the risk of future climate disasters – affect real estate values, the insurance market, and cause portfolio risks that can impact pensions and mutual funds,” Heinrich said.  As more data and analysis allow us to more accurately value these risks, it is crucial that policymakers ensure financial markets can account for them in their decision-making.”

The report calls for updated economic modeling to better incorporate climate risks and to help inform policy decisions, as well as innovations in insurance, risk-sharing, and AI in order to safeguard economic assets into the future.

The full report can be found online here.