Exploring New Solutions for Addressing Climate Risk at Insuring the Future 2024

The Griffith Foundation recently participated in "Insuring the Future 2024," an event where industry professionals and regulators discussed risk-based mitigation approaches in response to evolving climate challenges. The Connecticut Insurance Department (CID) and Connecticut Insurance & Financial Services (CT IFS) combined their annual events—the Connecticut Conference on Climate Change and Insurance (C4I) and the Insurance Capitol Summit (ICS)—to create a unified conference focusing on resilience and innovation.

Moderated by Frank Tomasello, Executive Director of the Griffith Foundation, the session titled “Innovative Risk-Based Mitigation: The Role of Insurance in Resilience and Nature-Based Solutions” featured a panel of industry experts. Panelists included Superintendent Beth Dwyer of the Rhode Island Department of Business Regulation; Lawrence “Lars” Powell, Director of the Alabama Center for Insurance Information and Research; Natalie Enclade, Executive Director of BuildStrong America; and Russell Stack, Director of Catastrophe Analytics at Aon.

The panel discussed how insurance expertise can support economic stability and sustainable practices through risk-based mitigation strategies. Topics included nature-based solutions, such as coral reefs or firebreaks, as potential alternatives to traditional infrastructure for managing climate risks. Panelists also highlighted the importance of using data and modeling tools to more accurately assess these risks and to support community resilience.

A recurring theme was the value of collaboration across sectors. Panelists noted that joint efforts between public and private entities could help communities better address climate-related challenges. Additionally, the panel explored how partnerships can support proactive risk management and contribute to a more stable future. Discussions pointed to the potential for integrating nature-based solutions, data-driven decision-making, and collaborative public-private efforts to enhance resilience and long-term stability in the context of climate-related risks.

The complete program can be viewed here.

Supporting Financial Regulators by Collaborating with IREF & the Katie School of Insurance

The Griffith Foundation recently hit the road for an essential in-person program: the 2024 Insurance Regulators Education Foundation (IREF) Financial Regulators Program at Illinois State University’s Katie School of Insurance. This annual event, hosted from June 16-22, 2024, gathered 24 junior and mid-level insurance regulators from states across the country to delve into the critical issues surrounding financial regulation and insurer solvency.

Participants, hailing from states as varied as California, Texas, and Vermont, engaged in a dynamic, multi-day workshop designed to enhance their understanding of complex regulatory topics. Through interactive sessions and collaborative learning, attendees strengthened their skills while also expanding their professional networks.

A cornerstone of Griffith’s mission is to provide policymakers with objective, reliable information. At this year’s IREF program, Griffith produced or contributed to several key sessions, including discussions on reinsurance, business interruption risks, catastrophe modeling, and financial examination efficiencies. A standout moment of the event was a "fireside chat" featuring Frank Tomasello, Executive Director of the Griffith Foundation, alongside Jon Godfread, Commissioner of North Dakota and President-Elect of the National Association of Insurance Commissioners (NAIC), and Jennifer Hammer, former Director of the Illinois Department of Insurance. This discussion provided attendees with unique insights into the current landscape and future of financial regulation.

In addition to the diverse range of topics covered, participants had the opportunity to engage with expert speakers on specific regulatory challenges such as captives, surplus lines, and the role of guaranty systems in preventing insolvency. The event concluded with a session on catastrophe resilience and modeling, highlighting the importance of preparing for potential disasters in an era of increasing environmental and financial risks.

Griffith’s collaboration with IREF and the Katie School of Insurance on this event reinforces our commitment to equipping public policymakers with the tools and knowledge they need. By co-facilitating sessions at educational programs like this, Griffith continues to demonstrate its role as a trusted source for objective information. This program is just one example of how we bring high-quality, impactful programming to jurisdictions in need.

Stay tuned for more insights from our road trips as we continue to deliver valuable educational experiences across the country.