New York’s property and casualty insurance market is under growing strain as climate change drives higher premiums and increased financial burdens for policyholders. This study evaluates the Climate Accountability and Loss Recovery Act, a proposed framework to recover climate-attributable insurance losses from large fossil fuel companies and return funds to New York policyholders.

Using IMPLAN, Greenline Insights’ NY-AFFORD model, and catastrophe modeling from Verisk, the study finds that the policy could deliver significant consumer and economic benefits under two litigation pathways: recovery tied to a major New York storm event and recovery tied to climate-attributable premium increases. Estimates show $3.8 billion and $2.5 billion in recovered compensation, respectively, with positive net benefits across all household income groups and nearly 12,000 jobs supported statewide.