New York Regulator Seeks Climate-Risk Disclosures by Insurers

New York State’s financial regulator called on insurers to consider climate-related risks in their business planning and provide related disclosures.

The guidance published Monday by the Department of Financial Services directs insurers based in the state to account for their exposure to rising sea levels and climbing global temperatures. That includes disclosing climate risk and incorporating the dangers posed by climate change into risk-management frameworks.

“Climate change is an urgent issue that poses wide-ranging and material risks to the financial system,” DFS Acting Superintendent Adrienne Harris said Monday in a statement. “Insurers, which are uniquely impacted as climate change affects ...