The insurance industry, a quiet pillar of New York's economy, is grappling with a new era of climate risk. Mounting claims from storms, floods, and heat are forcing the city's insurers to reprice policies and, in some places, pull back entirely.

The fictional insurer Liberty Harbor has invested heavily in modeling that maps risk block by block, adjusting premiums with new precision. Its executives say the old actuarial assumptions no longer hold in a warming world.

The changes have consequences far beyond the industry, shaping where development happens and how much protection homeowners can afford. As climate extremes intensify, New York's insurers find themselves on the front line of a slow-moving financial reckoning.