(Sacramento, CA – Insurance News 360) – Investments through the California Organized Invenstment Network (COIN) are expected to reach $29 billion by the end of 2018, according to California Insurance Commissioner Dave Jones.
The report explains the program, which sources and structures financially sound investments for insurers. The expected outcome is based on prior data call findings and tracking of these investments, which support renewable energy projects, affordable housing opportunities, health centers, economic development, jobs, and numerous other social and environmental benefits in the state.
Insurance company holdings in California community development and green investments have more than tripled from $6.6 billion at the end of 2010 to $22 billion at the end of 2015, according to prior data call findings. Growth trends show that COIN could have quadrupled from $6.6 billion in 2010, when Commissioner Jones was first elected to lead the Department of Insurance.
“Insurer investments into California’s underserved communities and environment remain crucial to the economic development of the State,” said Insurance Commissioner Dave Jones. “I encourage policymakers to authorize the Department of Insurance to obtain annual reporting from insurers on their community and green investments in California and to reinstate the COIN CDFI Tax Credit.”
Established in 1996, COIN is a collaborative effort between the California Department of Insurance, insurance industry, community affordable housing and economic development organizations, and community advocates to support investments benefitting California’s environment and low-to-moderate (LMI) income and rural communities.
Source: California Insurance Department.