Growing wildfire risk puts pressure on insurance industry: experts

"The more losses, the more of these events, the higher the risk and the higher insurance premiums will trend," said Craig Stewart, vice-president of climate change and federal issues at the Insurance Bureau of Canada.

Historically, wildfire damage has been a lot less common than flooding, said Kathryn Bakos, director of climate finance and science at the Intact Centre on Climate Adaptation."We're seeing this right now in Kelowna, with the fires in Northwest Territories. When you have a wildfire event, you have catastrophic loss of the home," she said.

No single event drives insurance premiums up, but overall trends do, said Stewart. Insurers price risk, and the risk of major weather events is rising, he said. Those U.S. insurers left markets in part because state regulations prevented them from passing on the higher costs of increased risk, noted Stewart, making such a move less likely in Canada.

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Growing wildfire risk puts pressure on insurance industry: expertsTORONTO — Canadian insurers are grappling with the higher risk of wildfires as this year's fire season breaks records, and experts say rising premiums are just one way the industry is seeking to adapt to the changing landscape.
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