NY awards $6.5 million for climate change insurance innovation

By Elizabeth Daley (September 2, 2022, 9:43 p.m. EDT) — New York Governor Kathy Hochul on Friday announced $6.5 million in funding to develop new insurance policies and products to protect the State against climate change losses on the anniversary of Hurricane Ida, which killed dozens of people and caused hundreds of millions of dollars in damage to the region.

The funding will be administered by the New York State Energy Research and Development Authority under a new program called Insurance Innovation for Climate-Technology Solutions, focused on establishing new risk models and insurance solutions, including creating insurance for residential and commercial renewable energy projects. , according to a press release.

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