InnSure to fund climate risk insurance innovators

PR Newswire

InnSure to competitively award insurance innovators for developing products and solutions that creatively address climate risk challenges

NEW YORK and BOSTON, April 25, 2023 /PRNewswire/ -- InnSure, a mission-driven nonprofit dedicated to harnessing the power of the insurance industry to combat climate change will work with the New York State Energy Research and Development Authority (NYSERDA) to co-develop a program that will competitively award insurance innovators for the research and development of new insurance policies and products. The Insurance Innovation for Climate-Technology Solutions 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.

"The insurance industry has a crucial role to play in tackling climate change, and we are excited to further InnSure's mission of catalyzing a bold insurance industry response to climate change with the support of NYSERDA," said Charlie Sidoti, InnSure Executive Director. "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 said, "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 look to transition to a low-carbon economy and more businesses become planet-friendly, insurance products that account for climate risk are all the more important. Building and supporting climate-risk-conscious insurance products that promote nature-positive practices and mitigate risks from loss of natural systems ensures that businesses can scale while also being protected from the effects of global warming. Insurance Innovation for Climate-Technology Solutions will identify and incubate innovative solutions to address this challenge.

"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. "The awarded funding will help improve access to data and revolutionize insurance coverage for climate tech businesses and consumers to ensure that the insurance sector keeps pace with new technologies."

About InnSure

InnSure is a mission-driven nonprofit at the intersection of insurance innovation and climate change. By amplifying and accelerating climate-friendly insurance solutions and innovation, InnSure is catalyzing a quick, bold, and decisive insurance industry response to climate risk. The organization views its mission through a societal lens, looking for nature-positive ways that insurance can make the world better, create new markets, close the protection gap, increase community resilience, and accelerate the transition to carbon net zero. Through initiatives like the annual InnSure Climate Forum, the InnSure ecosystem is designed to foster collaboration between insurance professionals, policymakers, communities, entrepreneurs, risk capacity providers, investors, and stakeholders. For more on InnSure, visit https://innsure.org/.