The Insurance Bureau of Canada has applauded the Global Commission on Adaptation on its flagship report, Adapt Now: A Global Call for Leadership on Climate Resilience. The IBC announced Sept. 10 that it is joining in this call to action for climate adaptation.
The GCA report says the economic benefits of climate adaptation “have very high rates of return, with cost-benefit ratios ranging from 2:1 to 10:1, when investment is made in five areas: early warning systems, climate-resilient infrastructure, improved dryland agriculture, mangrove protection and more resilient water resources.”
The report also underlines that investing more in natural infrastructure, such as wetlands, is critical. This is in line with the IBC’s policy recommendations. Last fall, IBC released a report calling for urgent action to curb the possible devastating loss of natural infrastructure: Combatting Canada's Rising Flood Costs: Natural Infrastructure Is an Underutilized Option
"IBC joins the GCA in this urgent call to adaptation," said Don Forgeron, President and CEO, IBC. "IBC and its members advocate strongly for increased funding for climate resilience from all orders of government and the private sector. The property and casualty insurance industry continues to see the devastating effects of this new era of an unpredictable, changing climate."
"Last year, insured damage from severe weather across Canada reached $2 billion, the fourth-highest amount of losses on record," added Forgeron. "However, unlike the 1998 Quebec ice storm, the 2013 Calgary floods or the 2016 Fort McMurray wildfire, no single event caused the high amount paid out for losses in 2018. Instead, Canadians and their insurers experienced significant losses from a host of smaller severe weather events from coast to coast."