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Insurance Commissioner Ricardo Lara formally launched the Climate Smart Insurance Products Database, the first-ever consumer-oriented list of green insurance policies. The California Department of Insurance developed this database to help the public understand and access these products and encourage further insurance policy innovation in commercial, homeowners, and auto lines, among other lines.
“Understanding, preventing, and reducing climate risk is of paramount importance, and we need innovative insurance solutions to accelerate the transition to sustainable and resilient communities and economies,” said Commissioner Lara. “When disaster strikes, insurance can help damaged homes, buildings, and vehicles be built back better, stronger, and greener and springboard into the cleanest technologies.”
The Climate Smart database lists more than 400 products currently available to consumers and businesses that address climate risks, harness new technologies, and build resilience. They include insurance products and solutions that:
- Provide green-rebuild coverage, providing a pathway to building back stronger, more energy efficient, and lower-emission buildings and vehicles
- Promote fuel-efficiency by offering lower premiums for low-emission vehicles
- Provide discounts for green energy use and energy efficiency certification
- Provide discounts for businesses who operate hydrogen and hybrid electric buses
- Protect low-income communities and natural ecosystems
A June 1, 2020 report from the environmental nonprofit group Ceres recommends the development of a database of innovative insurance products that reduce emissions or increase resiliency.
“California Commissioner Lara and his team at the California Insurance Department deserve great credit for creating the Climate Smart Insurance Products Database,” said Steven M. Rothstein, Managing Director of the Ceres Accelerator for Sustainable Capital Markets. “This is part of a comprehensive insurance approach to climate risks. This database is a critical building block for a more sustainable future.”
For more ideas, read our recent article “Harvard Business Review Says This is What Small Business May Need During the COVID-19 Crisis”
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