Episode
55

Climate Change and the Impact on Industry Insurance – with IBC's Craig Stewart

July 20, 2022
|
Duration:
1775722
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In This Episode:

Join energy coaches David Arkell and John Pooley with guest Craig Stewart, Vice President of Federal Affairs at IBC on an episode all about climate change and how it impacts insurance at the industry level. This episode features insurance driven initiatives, ESG, limiting risks, minimizing premiums, and more. Check out our 360 Carbon Excellence Program.

Highlights

  • Background of IBC and Climate Work: Craig Stewart highlights the Insurance Bureau of Canada’s efforts in disaster resilience, focusing on preparing the insurance industry for climate-related risks through collaboration with federal and provincial governments on climate policies.
  • Incentivizing Preventative Measures: Drawing inspiration from fire insurance practices, IBC encourages risk-reducing behaviors by offering discounts to insured clients who install sump pumps, seal cracks, or take other actions to minimize flooding and water damage.
  • Challenges with Risk Disclosure: The insurance industry is exploring the potential of linking climate risk disclosure to better insurance rates. However, businesses remain hesitant due to concerns about penalties for revealing risks.
  • The Importance of Adaptation: Stewart stresses that adaptation is as critical as mitigation in addressing climate change impacts. Insurers must prioritize both reducing carbon emissions and preparing for the physical risks that are already present.
  • Developing Climate-Resilient Infrastructure: Canada’s National Adaptation Strategy includes targets for flood and wildfire resilience. Stewart advocates for public-private partnerships to fund adaptive infrastructure projects, such as flood defenses and emergency preparedness systems.

Key Insights

  • Adaptation and Mitigation Must Coexist: Stewart emphasizes the need for both adaptation (preparing for climate impacts) and mitigation (reducing emissions) within the insurance industry. Neglecting adaptation increases vulnerabilities, as some climate impacts are already unavoidable.
  • Insurers as Catalysts for Climate Resilience: Insurers can leverage their influence to drive clients toward sustainable and resilient practices, such as incentivizing businesses to adopt adaptive measures or clean energy solutions, enhancing overall resilience.
  • Climate Risk as an Investment Opportunity: By accurately pricing climate risks, insurers can help develop financial products for climate adaptation projects, supporting resilient infrastructure as a viable and attractive investment opportunity.
  • Public-Private Partnerships for Adaptation: Stewart highlights the importance of government and private insurer collaboration to fund climate adaptation efforts, particularly in high-risk areas where infrastructure investments can reduce vulnerability.
  • Clear Targets in Canada’s Adaptation Strategy: Canada’s National Adaptation Strategy provides clear objectives, such as reducing flood risk for properties, serving as a model for structuring adaptation goals and coordinating actions across stakeholders.
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