The Insurance Bureau of Canada is calling for the creation of a climate risk score that would indicate a property’s susceptibility to damages caused by natural disasters.
The IBC says disclosure of natural hazard and climate risk is needed because of 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 invited in 2021 to develop a framework to communicate these risks to homeowners.
IBC vice-president Craig Stewart says Canada needs to develop a universal climate risk disclosure system by 2025.
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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-related data will help homeowners, builders, financial companies and the government invest in resilience and adaptation projects.
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