Washington, D.C.—Today, Senator Martin Heinrich (D-NM), Chairman of the U.S. Congress Joint Economic Committee (JEC) and the Joint Economic Committee Democrats released a new report 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,” said Joint Economic Committee Chairman Martin Heinrich (D-NM). “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.
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About Chairman Martin Heinrich
U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service.
About the U.S. Congress Joint Economic Committee
The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.??
