Canadian Insurers Urge Climate Risk Prioritization Amid Rising Wildfire Threats
Canadian property and casualty insurers are advocating for increased measures to protect homes against flood and fire damage, as climate-related risks continue to escalate. Insurers such as Intact Financial, TD Insurance, Wawanesa, and Definity Financial are facing financial pressures due to rising claims, which have led to a 6% increase in home-insurance premiums last year. The insurers are concerned that Prime Minister Mark Carney's focus on energy and economic issues may overshadow the urgent need to address climate change risks. Canada has experienced significant wildfire and flood damage in recent years, with 32 million hectares scorched by wildfires over the past three years. The government has proposed building 3.9 million homes, with a substantial number located in high-risk flood and wildfire areas, raising concerns among insurers about future damage potential. 
