Insurance policies

State offers $6.5 million to develop insurance policies to promote clean technologies

Doreen Harris

A the new state program is ffocused on finding aDeveloping new insurance policies and products “that will drive clean technology adoption” across New York State.

Governor Kathy Hochul on September 1 announced $6.5 million to support the “Insurance Innovation for Climate Technology Solutions” program.

The initiative 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 by 85 percent d 2050.

NYSERDA will select a program administrator to develop this new initiative, manage operations, leverage industry expertise and drive research and development to establish new risk models, the Hochul office said.

The Program Administrator will also 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 receive up to $1.5 million to work with managing general underwriters and managing general agents who can research, develop and test new insurance products.

The program will award up to $5 million in competitive grants that are expected to be announced in 2023, Hochul’s office said.

“Addressing the financial risks of climate change through research, development and the advancement of insurance innovation for clean and efficient technologies is a win-win situation for New York businesses and consumers” , said Doreen Harris, President and CEO of NYSERDA. “The availability of this significant R&D funding will ultimately support new business models that seek to overcome barriers to bringing new products to market and build on Governor Hochul’s comprehensive approach to achieving cost savings. carbon neutral by mid-century.

NYSERDA will accept applications from qualified organizations through October 12 and will competitively select a program administrator.

Interested organizations can visit the funding opportunities portion of NYSERDA’s website and search for the Insurance Innovation Program for Climate Technology Solutions.

Applicants must demonstrate economic benefits and implementation in New York State. A scoring committee will evaluate all proposals against the published criteria. Applicants must show how they can promote the research and development needed to bring new insurance products and services to market to meet the state’s climate and clean energy goals. This includes soliciting new insurance ideas, managing program development and growth, and risk reduction for climate technology solutions and services, the Hochul office said.