Safety Poster :Head Insurance A Necessary Catastrophic Risk $35–40 Billion
OSFI head: insurance is a necessary safety net against catastrophic risk.
TORONTO: As the likelihood of disasters rises, the head of Canada’s financial institutions regulator says it’s critical to create a safety net for the insurance sector.
The Office of the Superintendent of Financial Institutions’ chief, Peter Routledge, believes that creating a system to help the sector survive a significant disaster like an earthquake should be done as soon as possible.
Speaking at a catastrophe insurance conference in Toronto, Routledge suggested that a system modeled after the manner in which the banking industry is supported by the Canada Deposit Insurance Corporation would be beneficial.
According to him, a significant earthquake in Vancouver might potentially result in damage of $35–40 billion and create structural issues with the city’s ability to absorb the shock following.
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In the budget for 2023, the federal government promised to investigate ways to address the insurance market’s evolving challenges related to climate change, including earthquake insurance.
According to Routledge, when it comes to climate risk, the regulator is primarily concerned with pricing in the costs, which ought to encourage private industry to move away from fossil fuels and concentrate on adaptation.
The Canadian Press published this report for the first time on February 6, 2024. Press Canadienne
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