According to reports, InnSure was selected from a competitive pool of applicants to work with NYSERDA in co-developing a program that will competitively award insurance innovators for their research and development efforts in creating new insurance policies and products. The program, called Insurance Innovation for Climate-Technology Solutions, aims to advance risk management and insurance market growth, as well as support initiatives that promote business adoption of climate-friendly technology products and instill consumer confidence.
Charlie Sidoti, InnSure’s Executive Director, expressed excitement about the partnership with NYSERDA, stating that the insurance industry has a crucial role to play in addressing climate change. Sidoti emphasised that trillions of dollars will be invested in climate-saving technologies in the coming decades, and insurance can play a unique role in mitigating and transferring the risks associated with such endeavors.
He said: “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. 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.”
Doreen M. Harris, President and CEO of NYSERDA, also expressed enthusiasm about the partnership with InnSure. Harris stated that the collaboration exemplifies how public-private partnerships can drive incentives and innovations that will aid in the transition to a clean-energy economy. She said, “Working to shape the future of insurance for climate-friendly products with InnSure will provide the research and data needed to support new investments and bring more products to fruition for New Yorkers to use on a daily basis. New York State is committed to growing a strong approach to our innovation ecosystem with the right tools in place to help companies reduce the risk of producing goods through new technologies.”
Demand and need for climate risk insurtech is increasing
The need for insurance products that account for climate risk is becoming increasingly important as industries transition to a low-carbon economy and more businesses prioritise sustainability. By building and supporting climate-risk-conscious insurance products, InnSure aims to promote nature-positive practices and mitigate risks from the loss of natural systems, enabling businesses to scale while being protected from the impacts of global warming. The Insurance Innovation for Climate-Technology Solutions program will identify and support innovative solutions that address this challenge.
Christopher Lowell, InnSure’s Managing Director, highlighted the growing risk of climate-related catastrophes faced by communities, resulting in property and life losses, displacement of citizens, and prolonged recovery efforts. Lowell stated that the insurance industry has a long history of addressing global risks, but now needs better tools and new approaches to meet the challenges of climate change.
He added that the funding awarded by NYSERDA will help improve access to data and revolutionise insurance coverage for climate tech businesses and consumers, ensuring that the insurance sector keeps pace with new technologies.
