A 4560 — Creates Joint Blue Ribbon Task Force on Impacts of Climate Change on Property Insurance.

A4560 1R [First Reprint] ASSEMBLY, No.

STANLEY District 18 (Middlesex) Assemblyman  ROY FREIMAN District 16 (Hunterdon, Mercer, Middlesex and Somerset)    Co-Sponsored  by:   SYNOPSIS      Creates Joint Blue Ribbon Task Force on Impacts of Climate Change on Property Insurance.

Assemblymen Sampson and Calabrese   CURRENT  VERSION  OF  TEXTSYNOPSIS      AsCreates introduced.Joint Blue Ribbon Task Force on Impacts of Climate Change on Property Insurance.

  CURRENT VERSION OF TEXT      As reported by the Assembly Environment and Solid Waste Committee on September 17, 2026, with amendments.

     a.    a.    A changing climate presents the State with more frequent risks, such as sunny day flooding, heat waves, and more extreme risks, including wildfires, winds, storm surges, and compound flooding from intensive storms;

     c.    c.    From 2018 to 2022, the rate at which insurers dropped homeowners property insurance policies in the State jumped 69.54 percent from 0.47 percent to 0.8 percent;

and      e.    e.    It is both reasonable and necessary for the State to enable, facilitate, support, and safeguard the provision of high-quality, comprehensive property insurance to home and commercial property owners.

     c.    c.    The purpose of the task force shall be to assess the current and predicted impacts of climate change on residential and commercial property insurance by analyzing:

     (2) in1how whichthe placesState doescan ensure that the pricedata necessary to analyze drivers of insurance notcosts, reflectclaims, theand riskcoverage thatis aavailable propertyfor faces;robust, independent research;

     (3)(3)1 in which communitiesplaces properties1[does]1 are or will be uninsurable at a reasonable cost in the nextprice 50 years because of everydayinsurance risks1does1 suchnot asreflect tidalthe floodingrisk orthat high-severity,a low-frequencyproperty eventsfaces; such as disasters;

     (4)1[(3) howin thewhich] State(4)  the1 communities 1in which1 properties are or will ensurebe accessuninsurable toat residentiala andreasonable commercialcost propertyin insurancethe withoutnext subsidizing50 oryears enablingbecause dangerousof everyday risks such as tidal flooding or impracticalhigh-severity, locationlow-frequency choices;events such as disasters;

     (5)1[(4)] (5)1 how changes in the insuranceState marketwill andensure underlyingaccess physicalto risks,residential suchand ascommercial flooding,property mayinsurance impactwithout asubsidizing municipality'sor currentenabling affordabledangerous housingor inventoryimpractical andlocation itschoices; ability to meet its affordable housing requirements;

     (6)1[(5)] given(6)1 potentialhow changes at the federal level impacting the availability of climate data, which alternative sources of information may be available in the future,insurance market and howunderlying changesphysical inrisks, thesuch availabilityas offlooding, that information may impact thea competitionmunicipality's amongcurrent insurersaffordable housing inventory and theits ability of New Jersey communities to preparemeet andits planaffordable forhousing longer-termrequirements; insurability;

     (7)1[(6)] how(7)1 given potential changes at the federal level impacting the availability of climate data, which alternative sources of information may be available in the affordabilityfuture, and how changes in the availability of propertythat insuranceinformation willmay impact realthe estatecompetition value;among insurers and the ability of New Jersey communities to prepare and plan for longer-term insurability;

     (8)1[(7)  how changes in the displacementaffordability and segregationavailability impactsof onproperty communitiesinsurance inwill Newimpact Jersey,real especiallyestate onvalue] those(8) withhow lowinsurance fees, surcharges, and moderateendorsements incomes;can incentivize climate resilience and mitigation;

and      (9)(9)  anyhow otherthe issuesState orcan concernsensure thatinsurance thecompanies taskaccount forcefor deemsState relevantmitigation andinvestments appropriate.in disaster risk models1;

     1[(8)] (10)1 the displacement and segregation impacts on communities in New Jersey, especially on those with low and moderate incomes;

and      1[(9)] (11)1 any other issues or concerns that the task force deems relevant and appropriate.

    STATEMENT        This bill would create the Joint Blue Ribbon Task Force on Impacts of Climate Change on Property Insurance (task force).  The purpose of the task force would be to assess the current and predicted impacts of climate change on residential and commercial property insurance.       Under the bill, the task force would be comprised of 17 members, including cabinet members of the Executive Branch, or their designees, members of the legislature, and representatives of various private sector and nonprofit organizations, who would be appointed by the Governor with the advice and consent of the Senate.  The bill would establish certain items for the task force to study, including how the State, federal programs such as the National Flood Insurance Program, and the insurance industry may be subsidizing risky decision-making, keeping or putting people and property in harm’s way.

     One year after the appointment of all of the task force’s members, the task force would be required to submit a study and evaluation of its findings and recommendations to the Governor and the Legislature.  After submitting the report, the task force would be dissolved.