“Climate change is one of the most critical risk-management issues of our generation. To continue to thrive in the face of global competition, it is essential that New York insurers manage the financial risks from climate change. Financial risks from climate change are unprecedented. Unlike other financial risks, they are global in scale and scope and cannot be contained regionally or diversified away.”
The NYDFS, which supervises and regulates nearly 1,800 insurance companies with assets of more than $4.7 trillion, ranging from global publicly traded companies to family-owned small businesses, has asked insurers to designate a board member or a