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New York Expands Focus on Insurers’ Climate Risk Management

March 25, 2021, 7:42 PM

New York’s financial regulator issued new guidance for U.S. insurers to soon follow in managing and disclosing their climate-related financial risks.

The New York Department of Financial Services’s “proposed guidance” Thursday outlines how the domestic insurers it oversees should make climate change’s potential impact a larger part of their operational planning.

The move comes about six months after the regulator circulated a letter urging insurers to fold climate risks into their corporate governance and risk management processes.

The agency said it plans to monitor future compliance with the guidance. Insurers and other interested parties have until June 23 to ...