A wildfire rips through a forest south of Fort McMurray, Alta., on Highway 63 on May 7, 2016. THE CANADIAN PRESS/Jonathan HaywardA shareholder advocacy group is calling out Canada's property insurers for their support of the fossil fuel industry while also raising premiums because of climate-related disasters.
Premiums are rising as the frequency and severity of climate-related disasters like wildfires and major floods grow, though other factors like rising replacement costs are also driving up rates. P&C catastrophic losses averaged $2.3 billion a year between 2011 and 2020, up from $675 million a year in the previous decade, the report said.
"The claims made within the Investors for Paris Compliance report paint an inaccurate picture of the considerations related to climate change-related risk management." Intact Financial Corp., Desjardins Group, Co-operators Group, Definity Insurance Co. and TD have all made net-zero commitments. The companies also all have fossil fuel exclusion policies that the report ranks as ranging from weak in TD's case to more robust for Intact and Desjardins.
TD said it is taking a range of actions on climate as outlined in its transition plan, while its insurance program specifically includes discounts for electric vehicles and solar panel coverage through homeowner insurance. Investors for Paris Compliance however says all the insurers could make stronger climate efforts, and better disclosures of their transition plans. It also called on regulators to force the industry to create and make those plans public.The call to better help address climate change comes as the industry faces the potential for significantly higher costs ahead.
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