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New York Department of Financial Services to begin evaluating insurers' approaches to managing climate risk

Written by Adam Cadle
23/09/2020

The New York Department of Financial Services will begin evaluating insurers' approach to managing climate risk, although has stopped short of imposing penalties for non-compliance.

In a letter, Superintendent Linda Lacewell said insurers should designate board members and senior managers to conduct oversight of the companies' "assessment and management of the financial risks from climate change".

The regulator stated that insurers should also incorporate climate as a "reasonably foreseeable and relevant material risk".

The guidance was issued to 1,800 insurance companies with assets totalling more than $4.7trn. The regulator will start evaluating insurers' climate risks as part of its examinations in 2021.

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