Imagine a world...
where insurance providers help build climate resilient communities and prevent future losses by implementing sustainability practices.
As climate change causes extreme weather events to become more frequent, home insurance claims are rising—causing upwards of $3 billion in insured damages per year. These losses undermine Canadians’ financial security and emotional well-being. The resulting home damage leads to increased landfill waste from discarded building materials, generating additional greenhouse gas emissions, and further fueling climate change
Co-operators collaborated with Innovation North and leveraged our Compass to re-imagine the role of insurance companies in helping homeowners adapt to climate change, prevent future losses, and implement sustainability practices.
The first phase of work in 2022 aimed to identify opportunities for climate adaptation and mitigation with a focus on exterior building materials, such as shingles, siding, and fencing. It resulted in 12 potential ideas to extend the lifecycle of building materials, aiming to generate potential revenue to offset costs and promoting methods to rebuild damaged homes with greater resiliency.
The second phase of work in 2023 moved from ideas to actions. Innovation North outlined detailed steps for implementing 3 of the ideas into short-term experiments, including identifying partnership opportunities with relevant actors and assessing the feasibility and desirability of each idea, resulting in a large-scale multi-sector waste diversion initiative.
Co-operators continues to execute on this work through their Resiliency & Sustainability program. Learn more on their website.
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