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Politics : Canada@The HotStove Club
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From: axial6/17/2019 7:40:07 AM
   of 1199
 
'It's a problem for society': Climate change is making some homes uninsurable

Climate change is 'existential,' says insurance CEO

' It's one thing to hear the concerns of those who have suffered catastrophic losses, or even environmental researchers who have been warning this is where we're headed. It's another thing entirely to hear the CEO of one of Canada's biggest insurance companies call climate change an "existential" threat.

"Climate change is massive, because we protect Canadians from coast to coast to coast," said Charles Brindamour, CEO of Intact Insurance. He said his company protects "one in five Canadians." After seeing a "five- to six-fold increase" in natural disasters worldwide over the last three decades, Brindamour knew the industry had to adapt.

"We had to totally reshape our business model to make sure we had a sustainable business in the context of massive changes in weather patterns."

Brindamour has made climate change a company priority. Since he took the company public just over 10 years ago, the nature of the risk he insures against has fundamentally changed. And Brindamour said more change is coming.

"In the next 20 to 30 years, the east of the country will become close to 20 per cent wetter and the west of the country will become 20 per cent to 25 per cent drier," said Brindamour. His company now funds one of the biggest academic facilities on this issue in Canada, the Intact Centre on Climate Adaptation, a research centre at the University of Waterloo.'
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