Biden looking at climate change risks to financial markets

By JOSH BOAK
Associated Press

WASHINGTON (AP) — President Joe Biden’s administration is taking an initial step to assess how climate change could harm financial markets. It’s planning to launch on Tuesday a 75-day comment period on how the impacts could reshape the insurance sector. Insurers face payouts from wildfires and flooding risks that could cause premiums to rise for many Americans. Insurers are also among the largest investors in U.S. financial markets, with $4.7 trillion in assets as of the end of last year. That’s according to the Treasury Department notice being posted in the Federal Register.