Should Canadian homes get climate risk ratings? The insurance industry says yes – National
The Insurance Bureau of Canada calls for the creation of a climate risk score that would indicate a property’s vulnerability to damage from natural disasters.
The IBC says disclosure of natural hazards and climate risks is necessary due to the increasing frequency and severity of extreme weather events, such as Hurricane Fiona.
The report released Tuesday is the result of a national group of representatives from across Canada’s housing supply chain who were asked in 2021 to develop a framework to communicate these risks to landlords.
BAC Vice President Craig Stewart says Canada must develop a universal climate risk disclosure system by 2025.
The report also recommends that flood maps be updated and that a risk action matrix be created for lenders and insurers.
Stewart says access to reliable climate data will help homeowners, builders, finance companies and government invest in resilience and adaptation projects.
Insurance advice if a natural disaster causes damage to your home