New York’s financial regulator plans to press insurance companies on how they will mitigate climate change-related financial risks, addressing what it calls “one of the most critical risk-management issues.”
“To continue to thrive in the face of global competition, it is essential that New York insurers manage the financial risks from climate change,” New York Department of Financial Services Superintendent Linda Lacewell said in a letter, dated Tuesday, that was sent to all domestic and foreign insurers operating in the state.
Insurers should start incorporating climate change-related risks into their corporate governance and risk management processes, the regulator said. That ...