Press Release (ePRNews.com) - PICKERING, Ontario - May 19, 2017 - The insurance industry provides key economic and social benefits in the face of climate change as it provides incentives for individuals and communities to reduce risk and supports loss recovery. As Durham Region rolls out their Climate Adaptation Plan, home and business owners are urged to take the necessary steps to protect their assets. In response to climate change, the insurance industry in Canada is becoming a critical component in managing associated hazards and risks.
Our warmer atmosphere is creating conditions that are favorable for an increase in extreme weather. This, combined with our aging city infrastructure is raising cause for concern. As a result, some insurance companies in Canada have made changes to their available policies.
The Cooperators Group is included in a small handful of Canadian insurance companies that are making changes to ensure they are supporting their customers as the risk increases.
“The risks associated with climate change are not yet impacting premiums in many cases”, commented Chris Birrell, owner of the Pickering Branch of the Cooperators, “but it has resulted in the launch of programs such as our Comprehensive Water coverage that addresses flood risk. Premiums would vary based on the customers location. These types of new offerings are important, water-related events, such as flood, are now the most common type of natural disaster in Canada”.
“There are many steps an individual can take to protect their home in the face of climate change”, remarked Chris, “cleaning eaves troughs, ensuring proper drainage around foundations, maintaining your roof and sump pump are all good steps and in some cases, can result in discounts with your insurance provider.”
The Cooperators even offer a tool, http://www.water.cooperators.ca, to help customers determine their risk before purchasing a home.
In addition to supporting their customers with new services, the Cooperators believe in leading by example. They are currently leveraging Bullfrog Power, have completed lighting retrofits at many of their locations and are trying to minimize their carbon footprint wherever possible. Source :
Durham Sustain Ability