New York Governor Kathy Hochul announced a $6.5 million program to support insurance innovation for climate-technologies, a new program focused on the research and development of new insurance policies and products that will “promote the adoption of clean technologies” across New York state.
The program will provide funding for products that manage the financial risk associated with climate change, supporting the state’s Climate Leadership and Community Protection Act goal of reducing carbon emissions 85% by 2050.
The New York State Energy Research and Development Authority (NYSERDA) will select a program administrator to manage this new initiative and select “innovative insurance ideas, products, and services, such as insurance for residential and commercial renewable energy projects, that will develop new business models to enable future climate technology solutions.”
The program administrator will be awarded up to $1.5 million to work with managing general underwriters (MGUs) and managing general agents (MGAs) that can research, develop, and test new insurance products, and it will award up to $5 million in competitive grants in 2023.
“The availability of this important R&D funding will ultimately support new business models that seek to overcome barriers for bringing new products to market,” Doreen M. Harris, CEO of NYSERDA, said.
NYSERDA will accept applications from qualified organizations through Oct. 12, 2022.
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