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TitelAn Analysis of New York Domestic Insurers’ Exposure to Transition Risks and Opportunities from Climate Change

Climate change poses wide-ranging and material risks to the financial system. This is especially true for the insurance industry, where the physical and transition risks resulting from climate change affect both sides of insurers’ balance sheet—assets and liabilities—as well as their business models. Climate change also presents tremendous opportunities for insurers, which play a critical role in the management of climate-related financial risks (“climate risks”) in their capacity as risk managers, risk carriers, and investors. DFS recently issued proposed Guidance for New York Domestic Insurers on Managing the Financial Risks from Climate Change, which highlights the importance for insurers to consider the impact of both physical and transition risks on their assets and liabilities. As a general matter across the industry, the impact of climate change on insurers’ investments receives less attention than the impact of climate change on insurers’ liabilities, and lowcarbon transition risks are less understood than climate-related physical risks.


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