In an op-ed in Crain's New York Business, New York State Department of Financial Services ("NYDFS") Superintendent Linda A. Lacewell described how the agency is supporting state initiatives to combat climate change and continued to urge the insurance industry to factor these financial risks into management, operations and business strategies.
Ms. Lacewell highlighted the agency's establishment of a comprehensive set of expectations on managing risks due to climate change, as well as becoming "a supporting institution" for the United Nations Environment Programme Finance Initiative Principles for Sustainable Insurance.
She also noted support for New York State's Climate Leadership and Community Protection Act, and a $50 billion Empire Building Challenge.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
