Episode
54

Climate Change and Insurance Basics – with IBC's Craig Stewart

July 13, 2022
|
Duration:
1604568
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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 insurance. This episode features the change in cost structures, impacted areas of insurance, affected locations, and more. Check out our 360 Carbon Excellence Program.

Highlights

  • Role of the Insurance Bureau of Canada (IBC): As the representative organization for Canada’s property and casualty insurers, IBC supports the industry in managing climate risks by engaging with government bodies and developing new policies.
  • Rising Insurance Payouts Due to Climate Events: Average insurance payouts in Canada have increased fivefold, from $400 million in the early 2000s to $2 billion annually, driven by extreme weather events like floods and fires.
  • Challenges with Insurability of High-Risk Areas: High-risk regions, such as flood-prone areas, are becoming increasingly uninsurable. IBC is collaborating on a federal partnership to create a government-backed insurance product tailored for these areas.
  • Public-Private Partnerships for Resilience: Stewart emphasizes the importance of public-private collaboration in building climate resilience, including investments in flood defenses and wildfire management infrastructure.
  • The Importance of Climate Literacy: Educating home and business owners about climate risks and insurance policies is critical. Greater awareness of risk factors helps consumers better prepare for the impacts of climate change.

Key Insights

  • Adaptation and Mitigation Must Coexist: Stewart emphasizes the need to balance adaptation, which prepares for unavoidable climate impacts, and mitigation, which reduces emissions. Adaptation measures are vital for minimizing property damage and financial losses from climate-related events.
  • Insurance as a Catalyst for Climate Resilience: Insurers can drive climate resilience by incentivizing clients to adopt practices like flood defenses and energy-efficient solutions, reducing overall climate risk for customers and the industry.
  • High-Risk Insurance Solutions: Programs like Canada’s proposed government-supported flood insurance model address coverage gaps in high-risk areas, helping to maintain property values and provide financial security.
  • Financial Implications of Climate Risk: Climate-related risks are increasingly affecting business continuity, exemplified by Lloyd’s of London withdrawing from certain markets, leading to a “hard market” for commercial insurance and challenges in obtaining coverage.
  • Enhanced Collaboration Across Sectors: Stewart stresses that achieving climate resilience requires coordinated efforts between insurers, banks, governments, and the real estate sector, particularly in risk disclosure and investment in preventive infrastructure.
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