A new state program is focused on the research and development of new insurance policies and products “that will promote the adoption of clean technologies” across New York state. Gov. Kathy Hochul on Sept. 1 announced $6.5 million to support the “Insurance Innovation for Climate-Technology Solutions” program. The initiative will provide funding for products that manage […]
A new state program is focused on the research and development of new insurance policies and products “that will promote the adoption of clean technologies” across New York state.
Gov. Kathy Hochul on Sept. 1 announced $6.5 million to support the “Insurance Innovation for Climate-Technology Solutions” program.
The initiative 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 by 85 percent by 2050.
NYSERDA will select a program administrator to develop this new initiative, manage operations, leverage industry expertise, and boost research and development to establish new risk models, Hochul’s office said.
The program administrator will also select innovative insurance ideas, products, and services, such as insurance for residential and commercial renewable-energy projects, which 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 and managing general agents that can research, develop, and test new insurance products.
The program will award up to $5 million in competitive grants which are anticipated to be announced in 2023, Hochul’s office said.
“Addressing the financial risks from climate change through the research, development and advancement of insurance innovation for clean, efficient technologies is a win-win for New York businesses and consumers alike,” Doreen Harris, president and CEO of NYSERDA, contended. “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 and build on Governor Hochul’s all-encompassing approach to achieving a carbon-neutral economy by mid-century.”
NYSERDA will accept applications from qualified organizations through Oct. 12 and competitively select a program administrator.
Interested organizations can check the funding opportunities portion of the NYSERDA website and look for the Insurance Innovation for Climate-Technology Solutions Program.
Applicants should demonstrate economic benefits and implementation in New York state. A scoring committee will evaluate all proposals based on the published criteria. Applicants must show how they can promote the research and development needed to bring new insurance products and services to market to meet the state’s climate and clean-energy goals. This includes soliciting new insurance ideas, managing the development and growth of the program, and reducing risk for climate technology solutions and services, Hochul’s office said.