Canadian Underwriter

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climate

Prime Minister Justin Trudeau speaks following a cabinet shuffle
News AnnouncementsCatastrophesClimate ChangeInsuranceMarkets / Coverages

Canada’s P&C insurers react to federal cabinet shuffle

July 27, 2023 by Jason Contant

Canadian property and casualty insurers will be working with new cabinet ministers in the areas of emergency preparedness, public safety (including cybersecurity and auto theft), and housing, infrastructure and communities (including climate resilience), following Prime Minister Justin Trudeau’s major cabinet

Flooding in Abbotsford, B.C. in November 2021
News CatastrophesClimate ChangeInsurance

Climate Changed: Catastrophe experts say retreat from flood risk is ‘critical option’

October 12, 2022 Amy Smart - THE CANADIAN PRESS

VANCOUVER – All climate disasters are not created equal and the Institute for Catastrophic Loss Reduction recommends retreat in the face of only one type of threat. “In our opinion, retreat is not an option that is important for most

Oilsands in Alberta
News Climate ChangeInsuranceMarkets / Coverages

Environment commitments not met by Canada’s oil and gas companies, new report shows  

September 26, 2022 Caitlin Yardley - THE CANADIAN PRESS 

Most of Canada’s oilsands producers have made little progress on their goal to decarbonize the sector despite historically high profits and low capital expenditures, a new report said.   A report from the Pembina Institute said little has been done by

Industrial equipment at an LNG plant in Calgary
News Climate ChangeInsuranceMarkets / CoveragesRisk

A bridge to nowhere: Natural gas will not lead Canada to a sustainable energy future

September 14, 2022 The Canadian Press

By Amy Janzwood, SSHRC Postdoctoral Fellow, Department of Political Science, University of British Columbia and Heather Millar, Assistant Professor, Department of Political Science, University of New Brunswick – THE CONVERSATION This article was originally published on The Conversation, an independent

A barren farm field
News Insurance

The window of opportunity to address increasing drought and expanding drylands is vanishing

May 10, 2022 The Canadian Press

By Margot Hurlbert, Canada Research Chair, Climate Change, Energy and Sustainability, University of Regina – THE CONVERSATION This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information

2004 Asian earthquake and tsunami
News Insurance

B.C. climate change initiative needs to look further than recovery, expert says

February 25, 2022 Dirk Meissner - THE CANADIAN PRESS

VICTORIA – A disaster expert who led recovery teams after the earthquake and tsunami in the Indian Ocean that killed more than 230,000 people says British Columbia’s climate response strategy must protect the province from future environmental events. The B.C.

Looking forward to the future
News Insurance

How the P&C industry should shift its thinking about climate risk

February 11, 2022 by Jason Contant

Canada’s P&C insurance industry needs to adapt its climate risk business model to focus more on loss prevention rather than indemnity, a speaker says Thursday at an industry event. And pricing needs to be forward-looking rather than based on historical

A car and a group of firefighters extinguish the fire on a dried smoked burning meadow
News Insurance

Wildfire costs show need for preventative measures

February 9, 2022 Greg Meckbach

NatCat costs from summer 2021’s B.C. wildfires reached $77 million in insured damage in White Rock Lake and $78 million in Lytton. With renovations adding value to homes, and by extension insurable damage risk, it may make sense to encourage

Split screen of a tree in summer versus winter
News Insurance

Utility says B.C.’s heat, rain and cold in 2021 underscore changing demand for power

January 21, 2022 by Jason Contant

VANCOUVER – British Columbia endured sizzling summer heat and bone-numbing cold to end 2021 and the province’s electrical utility says the result was a record-breaking, year-round demand for power, launching a trend that’s not expected to end soon. In a

News Insurance

Rising seas: Delays to safeguarding N.S.-N.B. boundary area worries politicians

October 28, 2021 Michael Tutto - THE CANADIAN PRESS

HALIFAX – Legislators on both sides of the Nova Scotia-New Brunswick boundary say efforts to safeguard their area from a potential climate disaster have dragged on too long. An engineering study commissioned to develop “three viable solutions” to the risk

News Insurance

B.C.’s climate change plan aims for changes by 2030 for consumers, industry

October 26, 2021 The Canadian Press

VICTORIA – British Columbia has introduced a plan to reach its legislated target to reduce greenhouse gas emissions by 2030 with initiatives like slashing the number of kilometres driven by 25 per cent compared with last year and boosting the

News Insurance

Regulator expects more frequent volatility in financial sector

September 30, 2021 Ian Bickis - THE CANADIAN PRESS

TORONTO – The head of Canada’s banking regulator warned Wednesday of the potential for increased volatility in the global financial system as risks, especially around climate change and digital finances, are on the rise. “My new responsibility requires that I