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climate change

Aerial view of Bayview Avenue and Rosedale in autumn in Toronto
News Climate ChangeInsurance

Proactive climate adaptation can cut Ontario public infrastructure costs: watchdog  

November 23, 2023 Jordan Omstead - THE CANADIAN PRESS

TORONTO – 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

Aerial shot of Miami South Beach full of hotels with some long shadows reaching into the sea. Florida, USA.
News CatastrophesClaimsClimate ChangeConstructionInsurance

Climate change not the leading cause of NatCat losses: Verisk

September 15, 2023 by David Gambrill

Although 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

A gas station destroyed by the Bush Creek East wildfire in Squilax, B.C.
News ClaimsClaims CanadaClimate ChangeInsuranceMarkets / Coverages

B.C. sets up climate emergency task force amid wildfire crisis

September 11, 2023 The Canadian Press

VANCOUVER – 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

Flooded street in Nova Scotia
News CatastrophesClaimsClaims CanadaClimate ChangeInsurance

Aging infrastructure struggling to keep up with storms, wildfires, changing climate

July 27, 2023 Hina Alam - THE CANADIAN PRESS

FREDERICTON – 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

Person running away from a tidal wave or tsunami
News CatastrophesClaimsClimate ChangeInsurance

Can insurers and reinsurers survive looming NatCat trends?

July 21, 2023 Glenn McGillivray

One 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

Damaged home in the Ottawa suburb of Barrhaven
News ClaimsClaims CanadaClimate ChangeInsuranceMarkets / Coverages

Ontario, Quebec to see more tornado ‘fuel,’ but more data needed

July 19, 2023 Thomas MacDonald - THE CANADIAN PRESS

MONTREAL – 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

Thermometer in the sky, the heat
News Climate ChangeInsuranceLegislation / Regulation

OSFI calls for detailed reporting of insurers’ climate risks

July 12, 2023 by David Gambrill

Canada’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

Economic and geopolitical risks have insurers walking a tightrope in 2023
News BrokersClimate ChangeCommercial LinesInsuranceRisk

Despite easing inflation, P&C insurers face challenges

June 27, 2023 Philip Porado

Canada’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

Smoke from wildfires in Alberta blankets Calgary
News Climate ChangeInsurance

Emissions from wildfires hit record high as climate change drives fire threat

May 19, 2023 The Canadian Press

OTTAWA – 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

Eco-friendly building in a modern city
News CatastrophesClimate ChangeConstructionEngineeringInsurance

Private investment needed to ramp up climate adaptation in infrastructure: report

May 16, 2023 The Canadian Press

A 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

Silhouette of the Power plant in Kiev.
News CatastrophesClimate ChangeInsuranceRisk

How the P&C industry can step up after the UN’s latest climate change warning

March 20, 2023 by Alyssa DiSabatino

The 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

A giant fireball is seen as a wild fire rips through the forest 16 km south of Fort McMurray, Alberta on highway 63 on May 7, 2016. THE CANADIAN PRESS/Jonathan Hayward
News CatastrophesClaimsClimate ChangeInsuranceRisk

What is the P&C insurance sector’s role in “building back better”?

March 13, 2023 by David Gambrill

If 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.