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ARTICLE · 19 NOVEMBER 2021

New York Regulator Issues Final Guidance For Domestic Insurers On Climate Change Risks

Cooley LLP
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As the guidance notes, climate change poses both significant risks and opportunities for the insurance industry.

United StatesInsurance
Michael Coburn
Michael Coburn
Alexander Traum
Alexander Traum
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The New York State Department of Financial Services (DFS) released final regulatory guidance to domestic insurers regarding their management of climate change risk, incorporating public comments DFS received on its initial draft released on March 25, 2021. The guidance aims to assist insurance companies in increasing their resilience to climate change by incorporating climate change adaptation and mitigation into their risk management framework and governance practices.

As the guidance notes, climate change poses both significant risks and opportunities for the insurance industry. On the one hand, climate change presents physical and transition risks that have the potential to affect both the assets and liabilities on an insurer's balance sheet and may impact an insurer's entire business model. On the other hand, climate change offers opportunities for insurers to assist in the management of climate risks by "helping communities be more resilient through inclusive

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