New York Wants Life Insurers to Analyze Portfolio Climate Exposure
April 12, 2021 by Allison Bell
What You Need to Know
- The New York State Department of Financial Services has proposed guidance that could affect all insurers domiciled in the Empire State.
- The department wants insurers to think about hurricanes, floods, wildfires, droughts and chronic shifts in weather patterns.
- All insurers, regardless of size, would have to have a written climate risk management policy.
- The New York State Department of Financial Services is preparing to require all insurers operating in the state to develop detailed, written plans for managing climate risk.
The department has proposed guidance that would require life, health and annuity issuers to analyze how hurricanes, floods, wildfires and droughts could affect their investment portfolios.