Keyword
climate change
Proactive climate adaptation can cut Ontario public infrastructure costs: watchdog
November 23, 2023 Jordan Omstead - THE CANADIAN PRESSTORONTO – The dangers of a changing climate could add more than $4 billion per year to the cost of maintaining Ontario’s public infrastructure over the rest of the century, the province’s financial watchdog said Wednesday. But the report from…
Climate change not the leading cause of NatCat losses: Verisk
September 15, 2023 by David GambrillAlthough climate change is frequently cited as the Number 1 reason for higher natural catastrophes (NatCat) losses, increases in property exposure and repair costs are more significant short-term factors, according to a new report by Verisk Analytics. “Climate change is…
B.C. sets up climate emergency task force amid wildfire crisis
September 11, 2023 The Canadian PressVANCOUVER – British Columbia Premier David Eby says he’s launching an expert task force into wildfires, drought and heat emergencies that have hammered the province. Eby, who’s in the B.C. Interior touring wildfire zones, says the province is still focused…
Aging infrastructure struggling to keep up with storms, wildfires, changing climate
July 27, 2023 Hina Alam - THE CANADIAN PRESSFREDERICTON – The torrential rain that washed out roads, bridges and a key rail link in Nova Scotia on the weekend is being described as another sign that engineers cannot rely on past weather patterns to design infrastructure able to…
Can insurers and reinsurers survive looming NatCat trends?
July 21, 2023 Glenn McGillivrayOne of the hallmarks of a warming world is that you never know what may come next. The reasonably stable climate of the last 100,000 years is being thrown into disarray as Earth’s systems are forced out of kilter. For…
Ontario, Quebec to see more tornado ‘fuel,’ but more data needed
July 19, 2023 Thomas MacDonald - THE CANADIAN PRESSMONTREAL – Climate change will likely bring more weather conditions to Ontario and Quebec that are favourable to the development of tornadoes, but it’s still unclear whether Central Canada will actually be hit by more of them, experts say. Severe…
OSFI calls for detailed reporting of insurers’ climate risks
July 12, 2023 by David GambrillCanada’s solvency regulator has published its draft Climate Risk Returns for federally regulated P&C insurance companies, proposing in detail how insurers should be calculating any real and potential climate risks on their books. The forms were created in partnership between…
Despite easing inflation, P&C insurers face challenges
June 27, 2023 Philip PoradoCanada’s May inflation rate slipped to an annualized 3.4%, Statistics Canada said Tuesday. That’s the lowest rate in two years and solidly below the 4.4% annual rate posted in April. It’s also in line with the Bank of Canada’s efforts…
Emissions from wildfires hit record high as climate change drives fire threat
May 19, 2023 The Canadian PressOTTAWA – Emissions from wildfires hit a new record in 2021 as the blazes that raged in Western Canada and Ontario produced more greenhouse gases than the oil and gas sector and heavy industry combined. Canada’s forests are relied on…
Private investment needed to ramp up climate adaptation in infrastructure: report
May 16, 2023 The Canadian PressA new report by the Canadian Climate Institute says private capital is needed to invest in climate adaptation infrastructure as extreme weather events like fires and floods become more acute by the year. The report co-authored by insurance firm The…
How the P&C industry can step up after the UN’s latest climate change warning
March 20, 2023 by Alyssa DiSabatinoThe world keeps inching toward a dangerous climate threshold, but if swift action on greenhouse gas (GHG) reductions are taken in all sectors, including insurance, it’s possible to avert catastrophic warming, a new report said. There may be more…
What is the P&C insurance sector’s role in “building back better”?
March 13, 2023 by David GambrillIf Canada’s property and casualty insurance industry wants Canadian homeowners to “build back better” after a natural catastrophe, it may have to revisit its foundational promise to restore a homeowner’s property to the condition it was in before the disaster.…