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New York Regulator Wants Insurers to Disclose Climate Risks

A man wades through flood waters in the Staten Island borough of New York in 2012.

A man wades through flood waters in the Staten Island borough of New York in 2012.

Photographer: Victor J. Blue/Bloomberg

New York State’s financial regulator called on insurers to consider climate-related risks in their business planning and provide related disclosures.

The guidance published Monday by the Department of Financial Services directs insurers based in the state to account for their exposure to rising sea levels and climbing global temperatures. That includes disclosing climate risk and incorporating the dangers posed by climate change into risk-management frameworks.