New York Governor Kathy Hochul announced a $6.5 million program to support Insurance Innovation for climate-technologies, a new program focused on the research and development of new insurance policies and products that will “promote the adoption of clean technologies” across New York state.
The program 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 85% by 2050.
The New York State Energy Research and Development Authority (NYSERDA) will select a program administrator to develop and manage this new initiative and select “Innovative insurance ideas, products, and services, such as insurance for residential and commercial renewable energy projects, that 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 (MGUs) and managing general agents (MGAs) that can research, develop, and test new insurance products, and it will award up to $5 million in competitive grants in 2023.
“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,” Doreen M. Harris, CEO of NYSERDA, said.
NYSERDA will accept applications from qualified organizations through October 12, 2022 and competitively select a program administrator. Applicants should demonstrate economic benefits and implementation in the state of New York. A scoring committee will evaluate all proposals.
Applicants must show how they can promote the research and development needed to bring new insurance products and services to market. This includes soliciting new insurance ideas, managing the development and growth of the program, and reducing risk for climate technology services.
Funding for this initiative is provided through the state’s 10-year, $5.3 billion Clean Energy Fund.
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