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Insurance policies will change with state’s effort to fight climate change

New York State officials announced a $6.5 million initiative on Friday to promote clean technology and reduce greenhouse gas emissions by supporting the development of innovative insurance policies and products. The Insurance Innovation for Climate-Technology Solutions program, led by Gov. Kathy Hochul’s office, aims to provide grants for risk management and insurance market expansion for businesses transitioning to eco-friendly products.

Gov. Hochul emphasized the importance of eliminating obstacles to climate-friendly technologies in order to achieve New York’s ambitious climate targets. The program is designed to provide protection and confidence for both consumers and companies, fostering a climate of innovation within the state.

In collaboration with the New York State Energy Research and Development Authority (NYSERDA), the initiative will grant awards for research and development of novel insurance products. This endeavor seeks to enhance access to information and revamp insurance coverage for climate tech businesses and consumers alike.

NYSERDA CEO and President Doreen Harris expressed enthusiasm for the partnership with InnSure, which will deliver the necessary research and data to encourage new investments and foster the creation of more products for everyday use by New Yorkers. Harris highlighted the state’s commitment to cultivating a robust innovation ecosystem, equipped with the right resources to help companies mitigate risks associated with adopting new technologies.