Canadian Insurers Urge Climate Focus as Wildfire Season Begins
As Canada faces one of its hottest years on record, property and casualty insurers are intensifying efforts to mitigate wildfire and flood risks. Major companies, including Intact Financial, TD Insurance, Wawanesa, and Definity Financial, are investing in resilient home reconstruction and urging the federal government to prioritize climate action over short-term economic gains. Industry leaders express concern that Prime Minister Mark Carney’s focus on the energy sector and economic stability, particularly amidst U.S. tariffs and global energy volatility, may overlook severe weather risks. Despite a 56.7% rise in net income last year, insurers warn that surging claims are driving up premiums, which increased by approximately 6% recently. The industry advocates for stricter building codes and limits on construction in high-risk areas, arguing that current housing plans may insufficiently address climate threats. While the government maintains that climate remains a priority, insurers insist on keeping the issue at the forefront of policy discussions to prevent escalating damages from increasingly frequent extreme weather events linked to human-driven climate change.
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Canadian Insurers Urge Climate Focus as Wildfire Season Begins
As Canada faces one of its hottest years on record, property and casualty insurers are intensifying efforts to mitigate wildfire and flood risks. Major companies, including Intact Financial, TD Insurance, Wawanesa, and Definity Financial, are investing in resilient home reconstruction and urging the federal government to prioritize climate action over short-term economic gains. Industry leaders express concern that Prime Minister Mark Carney’s focus on the energy sector and economic stability, particularly amidst U.S. tariffs and global energy volatility, may overlook severe weather risks. Despite a 56.7% rise in net income last year, insurers warn that surging claims are driving up premiums, which increased by approximately 6% recently. The industry advocates for stricter building codes and limits on construction in high-risk areas, arguing that current housing plans may insufficiently address climate threats. While the government maintains that climate remains a priority, insurers insist on keeping the issue at the forefront of policy discussions to prevent escalating damages from increasingly frequent extreme weather events linked to human-driven climate change.
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