InnSure to Deploy Grants That Will Advance Insurance Market Growth, Transform Business Support and Provide Consumer Confidence

Advances Climate Leadership and Community Protection Act Goals to Reduce Greenhouse Gas Emissions 85 Percent by 2050

Governor Kathy Hochul today announced $6.5 million awarded under the Insurance Innovation for Climate-Technology Solutions program to support new insurance policies and products that will accelerate the adoption of clean technologies by consumers across New York State. The nonprofit InnSure was selected to deploy grants that will advance risk management and insurance market growth — transforming business support and providing consumer confidence for a range of climate-friendly technology products. This announcement supports the adoption of new technologies to meet the State's nation-leading Climate Leadership and Community Protection Act goals, including an 85 percent reduction in greenhouse gas emissions by 2050.

"Removing barriers to innovative, climate technologies that lower carbon emissions is a critical part of reaching New York's ambitious climate goals," Governor Hochul said. "By supporting new insurance policies for New Yorkers purchasing cutting-edge, climate-friendly products, we can offer protection and reassurance for consumers and companies alike to help ensure our state continues to lead in climate innovation."

InnSure 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 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. This program is supported through NYSERDA's Novel Business Model and Offering initiative, which promotes new business models, commercial service or product offerings, and tools that enable scaling of climate solutions through customer acquisition or increased capital flows.

New York State Energy Research and Development Authority President and CEO Doreen M. Harris 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."

InnSure Executive Director Charlie Sidoti said, "We are excited to further InnSure's mission of catalyzing a bold insurance industry response to climate change with the support of NYSERDA."

State Senator Neil Breslin said, "As New York State's businesses and consumers continue to utilize more clean energy technologies, it is vital that we make sure there are insurance innovations to make this transition more effective.  I applaud both Governor Hochul and NYSERDA for their commitment to meeting the State's nation leading Climate Leadership and Community Protection Act's goals."

Assemblymember Didi Barrett said, "Meeting New York State's ambitious climate goals continues to require creative thinking, employing innovative tools and bringing all our communities along with us. I applaud Governor Hochul for engaging the insurance industry to be part of the solution and help to accelerate the adoption of clean technologies.  Congratulations to the visionary leadership at InnSure on being selected to partner with the state to distribute this important funding."

Today's announcement builds on New York State's investments in research, development, and commercialization to support innovators and companies accelerating the low emissions and carbon sequestering technologies needed to meet the state's goal for economy-wide carbon neutrality. NYSERDA's Innovation program is deploying $800 million over 10 years as direct investments via grants and commercialization support. More than $680 million in private investments and $200 million in project finance capital have been created, and more than 450 innovative clean energy products have been commercialized as a result of NYSERDA's technology and business development investments, including LED lighting systems, home appliances, longer-lasting batteries, and more efficient heating-and-cooling systems.

Funding for this initiative is through the state's 10-year, $6 billion Clean Energy Fund. More information about this funding is available on the New York State Energy Research and Development Authority's website.