December 22, 2021 by Canadian Underwriter Staff
Jason Storah, CEO, Aviva Canada
The lesson I hope we all take from these past 20 months is a collective acknowledgement that science saves lives. As COVID-19 moves to the rear-view mirror, we must turn our focus to the climate emergency. Millions of people are already living with the consequences. The science exists today to help us make better planning, building, and sustainable-living decisions when it comes to tackling the impact of climate change. Unless we start acting, the future will be increasingly challenging, not just for the insurance industry, but more importantly, for Canadians who need insurance to protect themselves and their assets from the kind of losses that rebuilding sometimes just can’t replace.
Insurance is about risk management. We are in the business of helping Canadians and businesses manage risk, so they have peace of mind, knowing that when the worst happens, they’ll be protected. As an industry, we have an obligation to protect our people and our planet. At Aviva, we’ve set a very bold climate ambition – net zero by 2040.
Aviva has embedded climate risk, metrics and targets into how we do business and make decisions. Our climate plan covers all aspects of our business from underwriting, products, claims, investments, operations and our supply chain. By the end of 2021, we will have stopped insuring companies making more than 5% of their revenue from thermal coal or unconventional fossil fuels, unless they are signed up to science-based targets.
There’s no peace of mind in an uninsurable world. It will take science, technology, government, industry and society all pulling in the same direction to fight climate change.