In a season of daunting wildfires and flooding, the Biden administration is taking an initial step to assess how climate change could harm financial markets — 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, but they’re also among the largest investors in U.S. financial markets, with $4.7 trillion in assets as of the end of last year, according to the Treasury Department notice being posted in the Federal Register.

A senior Treasury official said the information gathered would help to more fully understand how climate change could potentially destabilize the stock, bond, commodities and housing markets and how to protect markets as a result. The official, insisting on anonymity to discuss the notice, said the goal would be to make any data usable for consumers,…

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