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Adaptation to Climate Change

Adaptation to Climate Change. Robert Tremblay Director, Research Insurance Bureau of Canada RIMS Conference September 14, 2009 – St-John’s Newfoundland.&Labrador. Insurance industry in Canada. Over 200 Companies $20 billion in claims paid Players: Primary insurers (domestic)

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Adaptation to Climate Change

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  1. Adaptation to Climate Change Robert Tremblay Director, Research Insurance Bureau of Canada RIMS Conference September 14, 2009 – St-John’s Newfoundland.&Labrador

  2. Insurance industry in Canada • Over 200 Companies • $20 billion in claims paid • Players: • Primary insurers (domestic) • Re-insurers (domestic & international)

  3. What Canadian insurers covers… • Homes • Fire, theft, vandalism, wind damage, • Sewer back-ups • Businesses • Business interruption • Production means and premises • Floods • Liability Insurance • Municipal • Professional, commercial

  4. Climate Change: Industry’s Challenge Why? • More severe weather more frequently • Mid-to-long term issues of availability and affordability of insurance

  5. Background:Largest insurance disasters Source: ICLR

  6. Canada’s costliest disasters

  7. Contributing factor to water losses • Municipal infrastructure performance failures • More basements are finished • Value of contents much higher than before • High density of dwellings

  8. Water losses more important than fire At least $1.5 billion/year in claims • Water losses 2 sources: • Mechanical breaks in home/building equipment • Municipal infrastructure failures

  9. Insurance catalyst for adaptation? • Important to price risk properly • Which can be the trigger for infrastructure and adaptation behavior

  10. Adaptation: Help municipalities • Develop prospective Municipal Risk Assessment Tool • Key indicators of likelihood of infrastructure failure • Risk analysis of each indicator • Future climatic models to determine how much rain, where, and when

  11. Risk Assessment Tool • Builds on work done by PIEVC • Top down vs. bottom-up • System design vs. actual capacity • Integrates Operational Best Practices • Designed as a quick diagnosis not a prescriptive solution

  12. Need for dialogue • Too late to bury head in sand • Preaching to the choir… • Assessment tool brings the need to discuss: • Performance standards (service levels) • “Acceptable risk” • Need to broaden stakeholders

  13. Need Tools • Updated IDF curves • Downscaled climatic maps • Still not an excuse for inaction, need for interim engineering guidance

  14. Other complementary approaches • True pricing of potable/waste water services • Building codes • Adapting dwellings (back flow valves) • Reduce water run-offs • Rain barrels • Permeable driveways • Low impact urban development

  15. Conclusion In conclusion • Moral duty to ensure Canadians protected • Mitigate damage through adaptation measures • Communities more resilient • Sense of urgency

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