InnSure, a nonprofit dedicated to harnessing the power of the insurance industry to combat climate change, is to competitively award insurance innovators for the research and development of new policies and products to help address climate risk.
Working with the New York State Energy Research and Development Authority (NYSERDA), the nonprofit will co-develop the Insurance Innovation for Climate-Technology Solutions program.
According to the announcement, the program will advance risk management and insurance market growth and initiatives that will transform business support and provide consumer confidence for a range of climate-friendly technology products.
Charlie Sidoti, InnSure Executive Director, said: “The insurance industry has a crucial role to play in tackling climate change, and we are excited to further InnSure’s mission of catalysing a bold insurance industry response to climate change with the support of NYSERDA.
“Trillions of dollars will be invested in climate-saving technologies over the coming decades, and insurance brings a unique skillset and perspective to mitigating and transferring the risks associated with this work. Now is the time for the industry to step forward and lead.”
NYSERDA President and CEO Doreen M. Harris, commented: “NYSERDA is excited to work with InnSure to provide transformational insurance coverage for companies advancing technologies to fight climate change.
“This is a great example of how public-private partnerships can drive incentives and innovations that will help ease our transition to a clean-energy economy.”
As industries and businesses look to transition to a low-carbon economy, insurance products that account for climate risk are all the more important, the non profit highlighted.
“Communities face ever-increasing risk of climate-related catastrophe, resulting in loss of property and lives, displaced citizens, and lengthy recoveries. The insurance industry has a long history of addressing the world’s greatest risks, but now needs better tools and new approaches to meet this challenge and help fill the gap,” said Christopher Lowell, InnSure Managing Director.
He added: “The awarded funding will help improve access to data and revolutionise insurance coverage for climate tech businesses and consumers to ensure that the insurance sector keeps pace with new technologies.”
